The property market is constantly changing and 2019 will be no different. With Brexit in sight and the environment a very real consideration, property Managers and the like need to stay informed.
Luckily for you, as Property recruitment specialists Hunter Dunning has done its research and are happy to provide you what we have found going on in our industry.
1.) Health and Safety
As reported by Property Week, the Grenfell Tower tragedy has brought to light the subject of Health and Safety and it’s needs to be reviewed.
Property Week said: “The Hackitt Review will provide the basis of building safety focus for 2019, but we must go beyond that. This is not a tick box exercise, changes need to be embedded in the culture of the property sector.
“For example, we know the relationships between property managers and resident customers need to change. More than ever before, managers must provide a point of connection between those who develop buildings and those who occupy them, and property managers will have a role ‘behind the front door’. This won’t be without its challenges and sensitivities, but together we must find the right balance. Expect more debate at the scope and funding of retrofit on existing buildings.” (1)
2.) Build to Rent (BTR) agenda
The BTR agenda is a hot topic that now needs to be put into practice. Investors from around the globe are expected to take interest and enter the UK market.
Property Week said: “Post Brexit the UK property sector needs to quickly mature our collective offer, taking learnings from alternative sectors and international equivalents, and to have a clear ambition.
We’ve learnt already that to focus on culture and amenities alone runs the risk of falling short in the fundamental activities – the ‘bread and butter’ of Build to Rent – such as collecting rent, managing large treasury functions and delivering good management and maintenance. We have also learnt that in this market, ‘customer experience’ is as important as ‘customer service’, and packages of amenities, services and a community environment have become unique selling points.” (1)
Following a new consultation in February, developers will be expected to assess the habitats of their land before planning applications will be accepted. A full in-depth assessment will need to be conducted and improvements to biodiversity identified (i.e. planting trees etc).
Generally, developers are already adopting this approach within their plans, but the plan from Environment Secretary Michael Gove is that it will be a requirement across the board.
Read more about this is our Property developers to go green or go without a home build article.
It has been estimated that in the next three years, the number of eco-friendly homes in the UK will rise by 60%.
As with biodiversity, developers are also considering the impact our homes have on the environment and the need to create “smart” homes is top priority. London already asserts that it has some of the world’s leading eco buildings. These inlcude the Bloomberg HQ as the world’s most sustainable office building and Waitrose Stratford City is run completely off-grid.
Our article 60% rise in UK Eco-Friendly homes in the next three years goes into more detail about this.
Brexit is very much on people’s minds in the UK at the moment. Since the vote in 2016 there has been uncertainty on how markets will be effected. Despite this, according to Financial Times writer Judith Evans: “The UK’s housing market appeared little affected by the 2016 vote to leave the EU, despite a pause after the surprise referendum result as householders took stock.” (2)
Only time will tell how Brexit will effect the property market as the UK Government goes back to the drawing board following the Brexit vote failure yesterday.
2019 is certainly going to be in interesting year for the property market, and as such property jobs in the UK, but we are excited to see how it will all unfold.
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1. Howell, N., ‘2019: a year of change for property management’, Property Week, https://www.propertyweek.com/legal-and-professional/2019-a-year-of-change-for-property-management/5100492.article, 19 December 2018
2. Evans, J., ‘How will Brexit affect UK house prices and mortgages?’, Financial Times, https://www.ft.com/content/87b1f284-1452-11e7-80f4-13e067d5072c, 15 October 2018