What the London property market will look like in 25 years
Over the last 12 months house prices have increased, rents have risen and a wave of legislative changes have shaken up the lettings industry.
With so many changes taking place I've been thinking a lot about what the London property market will look like in 25 years. Will we be building the 49,000 new homes a year we need? Where will London's ageing population be living? And will we all be drinking “toilet-to-tap” when current water supplies diminish in 2025?
I decided to ask a few property industry insiders for their predictions. Here's what they had to say about the London property market in 25 years.
London property market predictions
Residential pods
With house prices and rents out of reach, companies will struggle to find staff who live within a commutable distance to the office. To address this businesses may provide residential pods or dedicate a floor of their office block to onsite accommodation for their employees.
Tim Gray
Office conversions
Companies seeking cheaper office space will relocate to premises outside of London. Former office buildings will be converted to residential to meet the demand for properties in the capital.
Mark Durban
New corporate lets
Large corporations will buy into new developments in order to supply accommodation for employees, perhaps as part of their salary. This will attract and retain good staff and assist with affordability issues.
Lionel Stoll
Small spaces
The recent introduction of HMO licenses suggests that in 25 years we’ll see more studios and one bedroom flats on the market. To avoid legislative restrictions landlords will favour smaller properties, meaning more homes on the market but less space within.
Dexter Franklin-Beck
Fancy tech
Technology will become more prevalent within homes with everything from green materials to energy saving appliances and sensor lighting becoming the norm.
Lionel Stoll
What are your predictions for the London property market?
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Carla Bradman is the marketing manager at Paramount and writes a blog about small business marketing.