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South Coast: Private rentals changing the face of housing
A boom in student housing and the rise of co-living will change the face of towns and cities along the South Coast over the next 10 years, says property consultancy JLL.
The student housing market is booming and JLL predicts that it will account for £1 in every £10 invested in UK commercial property 2017. JLL says the trend is being replicated in Southampton as a result of the University of Southampton’s ambitious growth plans.
Southampton is also expected to see a big rise in the number of private rented sector (PRS) and co-living housing schemes – where investors buy up blocks of property for the purposes of buy-to-let, benefiting from both rises in value and rent. Co-living spaces are designed as a stepping stone for people who may have left university but don’t want to live on their own. Their collaborative living spaces appeal to small groups who enjoy the vibrancy of communal living.
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The sector has grown substantially in major cities such as London and Bristol but is now spreading to the smaller regional cities, including Southampton, which already has one PRS scheme at the Fruit and Vegetable Market and several others in the pipeline.
JLL outlined its predictions at its annual Metropole event in October, as it looked at what’s in store for the region’s property market and reviewed how it has performed over the past 12 months.
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Emma Eaglestone, JLL’s head of office in Southampton, said:”The decision by central government to lift the restrictions on student numbers within the university sector, coupled with the huge increase in revenue from student fees and increasing numbers of foreign students has fuelled a major investment across the sector in capital projects. We have witnessed this in all of the five universities across the south, two in Southampton, Bournemouth, Portsmouth and Chichester.”
JLL also predicts a big change in how buildings along the South Coast will be
THE BUSINESS MAGAZINE – NOVEMBER 2017
constructed over the next 10 years, with new homes being pre-fabricated like cars, in a process known as ‘modular building’. Off-site construction of modular housing is the modern-day equivalent of the pre-fabs of the 1960s which could alleviate pressure on the housing market.
Eaglestone said: “Modular homes are generally quicker and cheaper to build and often of higher quality so it is a time and cost-efficient process. This is going to become increasingly important in the face of the skills shortage faced by the construction sector as a result of an ageing workforce and a reliance on workers from the EU.
“According to the Partnership for Urban South Hampshire Region (PUSH), providing 4,160 new homes per year is a robust basis plan for the region’s housing market, and modular housing must be part of the solution.”
The region’s workplaces are also set to change as businesses become more focused on providing an environment that puts employee wellbeing at its heart. JLL has carried out some research into how the right workplace can help businesses thrive and its study of 40 corporations and 7,300 employees around the world shows that helping people feel good at work is more than a ‘box-ticking’ exercise.
Nella Pang, associate director at JLL Southampton, said: “Organisations can no longer just provide a space to work; they need to create places that enable people to achieve their ambitions. This is crucial for staff retention and wellbeing, and has transformational benefits to businesses.
“Examples in our region include Foot Anstey’s move to the White Building and Moore Blatch to Chandlers Ford. These spaces have been fitted out to provide flexible working for staff and the changes they have made have had a positive impact on staff wellbeing.”
The region however still suffers from an acute shortage of employment space and JLL says this needs to be tackled.
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