While the recent pandemic may have caused major disruption to the global economy; for several countries, including the United Kingdom, it has helped to highlight some of the underlying challenges that require immediate attention, particularly in the nation’s property market.
According to research published by King’s College London, foreign investment in the UK served as a primary driver for raising house prices across the country by more than 20% in just 15 years (1999 – 2014); slowly making property less affordable to the domestic population, a factor only exacerbated by the events of 2020.
As the economy continues to settle in the wake of both the pandemic and its independence from Europe, it is property developers that find themselves in a unique position to not only support the nation’s short-term recovery, but also lead the way for creating more cost-effective, environmentally sustainable communities that work in harmony with the planet, while easing the financial burden of rent or property ownership.
After several decades of stagnation, the construction industry has progressively been improving its processes to a point where innovative methods such as modular are not only enhancing the quality and finishing of homes but reducing the cost. As a process that relies on a factory-controlled environment which carefully mitigates waste, the cost of building is significantly less than conventional construction, which not only is less environmentally sustainable, but also significantly slower. As a point of comparison and based on current models, a modular community of 250 houses can take as little as 18 months to deliver from planning to completion; an improvement of 50% when compared to traditional methods.
As we enter this new era of building, developers stand in a unique position to maintain a profitable business while creating a price-parity that works for the British public. In addition, communities can be adapted to suit the changing conditions of our world, which include the utilization of renewable energy, helping to reduce ongoing costs while integrating more sustainable practices such as ‘work-from-home’ designs and onsite micro farming facilities.
While there are plenty more challenges to consider, this approach to housing development stands to alleviate the pressure of existing shortages while providing a viable long-term solution that benefits both our planet and Britain’s wider communities.