Young Professionals Shaping the UK Property Market

Property developers in the UK and overseas need to analyse the current and future demand for particular types of property, before making a decision on what property to build. Substantial profit can be made by building the right type of property that the majority of people in the area in question are looking for. This calculation is normally done by considering the living styles of the general public and taking into account the types of tenants in the area.

Recently there has been a significant rise in the demand for high-quality professional pads, which offer young graduates a city centre hub, with all the luxuries of a modern apartment at an affordable set monthly rental fee. The only compromise is that you will normally need to share a kitchen and living space and in some cases a bathroom. (1)

The Living Style Shift

Ten years ago, student houses were deemed dingy, dark and unhygienic places, where a number of broke students tried to make a home for themselves, amongst house parties and hangovers. (2) This perception has been swiftly altered by multi-million-pound student accommodation developments, that offer university students modern, airy and spacious apartments, some rooms even with a private bathroom suite, for a competitive and more than affordable monthly fee with all utility bills included. Students now enjoy most of the comforts of home and can live together in newly built properties in the heart of the city-centre.

luxury student living room

Previously graduates would leave university and either return home to seek employment or would move into a city-centre one-bedroom apartment to pursue a high flyer career in the hustle and bustle of the big cities of the UK. In some cases, a number of professionals would rent out a large apartment or house in order to share living costs and save up a deposit to buy a first home.

Today, graduates desire the same standard of living that they have become accustomed to while studying at university. They often require high-quality modern apartments in the city centre that provide a sense of security, all modern appliances and white goods, wifi and utility bills.

In addition, entrepreneurs and property developers in New York and in London have been constructing incredible professional complexes that offer onsite cinemas, gyms, roof terraces and shared living spaces to provide professionals with high-end accommodation, with all your social needs thrown in for free. Based on the concept of a college dorm, the mastermind behind one project in New York has built his dream by resolving the issues and annoyances he suffered whilst living as a student. (3) These types of high-end developments are influencing many multi-million pound projects across the UK.

Professional Pods

Property developers have been quick to identify the rising demand for luxury professional accommodation in the UK and there has been an increase in the number of larger scale developers in city centres such as Manchester and Liverpool that provide such homes.

Manchester, the epicentre of the Northern Powerhouse, is witnessing a huge influx of investment. A recent Savills report revealed that the city has seen the creation of over 57,000 new jobs since 2011, meaning an increase in demand for property, both to buy and rent. The report also noted that the city will need to house an additional 36,000 professionals in the next ten years, adding to the rising demand for high-quality accommodation within a short commute to the city centre. (4)

luxury apartment living room

Professionals are shaping the way the world around us looks, with their increasing demand for high-quality properties and the influx of high-rise modern accommodation blocks. With experts predicting that the professional market will continue to rise, property developers are moving away from the student market and focusing their investment and attention on the professional and graduate market, who have higher standards of living and are in full-time employment, guaranteeing that they keep up with their monthly rent. There is no doubt that once these professionals decide to get their foot firmly on the property ladder, their taste for quality accommodation will help to raise the standards of the UK property market as a whole, for the better.

The Heaton Group specialise in the development of high-quality buy-to-let accommodation in Greater Manchester, to find out more about our latest developments please don’t hesitate to get in touch.

Sources:
1. The Guardian - En-suite education: the unstoppable rise of luxury student housing
2. The Northern Echo - 'Students don't live The Young Ones anymore' - Bill Free Homes'
3. Financial Times - Communal living moves upmarket in London, New York and Hong Kong
4. 24 Dash - Opinion: Making a difference in Manchester's property market
5. Liverpool Echo - Luxury £30m apartment complex set for Baltic Triangle


Enquiry Form


Articles similar to this