“One of the most significant housing changes in the past decade, both in Milton Keynes and nationally, has been the rise in the private rented sector and the decline in owner occupation. In Milton Keynes, this trend towards a larger private rented sector is faster than in either the South East or England.
The trend seems likely to continue further due to a combination of declining affordability, a requirement for more equity from purchasers in order to buy, changes to how home purchase is financed and a relatively low new housing supply. Future generations may aspire to home ownership, but, for many, it will remain that.”
Insightful! Here at Northwood MK, we too have noticed the property explosion in the private rented sector since we were established in 2000. Milton Keynes is a huge growth area. According to Invest Milton Keynes MK is recognised as the fastest growing city in the UK. Little wonder then our population growth is also the fastest.
The report from the local council goes on to say:
“The relative immaturity of the Private Rented Sector offers the Council an opportunity to continue to shape the sector by working with investors and developers to increase supply, and with landlords to improve the quality and management of existing stock. Overall, the change noted here indicates a fundamental shift in the shape of the Milton Keynes housing market to which the Council should respond.”
You can read the rather lengthy Strategic Housing Market Assessment by clicking here, but the summary is – there has never been a better time to invest in Milton Keynes Property!