The article identified several key drivers that will have an impact on the housing landscape. Here at Iceni Homes, we pride ourselves on not only developing the very best housing and homes possible, but making sure that, working with our Partners, we tailor our projects to what the population want and need in their homes.
Analysing the projections in the article allows us to respond to markets and the housing development industry’s trends, ensuring Iceni Homes and our development partners are able to continue producing the best housing possible.
The article particularly refers to population growth and how nationally the population will have increased by 8-million to 72 million in the year 2032. Many of our projects are carried out regionally so we examined relevant statistics and found that in the year 2030;
- Suffolk’s population has a projected increase from around 746,700 to 803,300.
- Norfolk’s population has a projected increase from around 885,000 to 972,000.
- Cambridgeshire’s population has a projected increase from around 650,000 to 775,000.
- Essex’s population has a projected increase from around 1,453,952 to 1,609,884.
- Peterbourgh’s population has a projected increase from around 195,300 to 220,600.
The research shows that most of the growth in population is mainly due to increased longevity of life and a mass influx in immigration. Whilst the population begins to rise, housing construction is restricted due to environmental and financial restraints, which will only heighten the issue surrounding the demand for housing being far greater than what development companies are able to supply.
An ageing population was also discussed in the article. This factor is particularly significant as the Office of National Statistics (ONS) not only demonstrated that the region in which Iceni Homes operates is the second highest in the UK averaging 49 years old, but by the year 2030 it will have increased to an average of 54 years old. The implications of this are that people are likely to be living alone for longer with unused capacity in their homes, a necessity for families that are looking for multiple bedroom homes putting pressure on further housing construction.
Slow economic growth is another factor that needs to be considered for Iceni Homes’s future endeavours. Although within our target regions, ONS states that the average annual wage is around £27,000, which is just above the national average (£26,500), it is not expected to grow in the year 2030. The prospect of the younger generation being able to get onto the property ladder is already difficult in terms of having the income to do so successfully. The slow growth reduces the willingness to invest for first time buyers identifying further challenges ahead.
The article discusses persistent levels of poverty and the effect that it has on the population’s ability to purchase and maintain. The article states that the proportion of individuals below the poverty line has been at 20% since the 1980’s. However the 20% includes households that are in work. Often this indicates there could be relatively high levels of child poverty, in turn resulting in high levels of housing need and increasing demand for more affordable housing.
The article successfully explores the various drivers of change within the housing industry that Iceni Homes is working with its Partners to consider and combat as efficiently as possible moving into the future. Although we are unable to influence all of the issues ourselves, such as the slow growing economy, we are looking at offering solutions such as sustainable construction that keeps running costs as low as possible for residents.
The future of the housing and home development industry may appear challenging, especially in today’s day and age. However here at Iceni Homes, along with our development partners at Colne, Suffolk Housing and Hundred Houses, we will continue to do everything in our power. A positive contribution to increasing housing supply.