About UK
The United Kingdom is one of the world’s major economic powers. It has a great historical, political and cultural influence. Many of its regional cities have been revitalised in recent years and experienced economic and population growth. Its capital London is one of the most cosmopolitan and important global financial centres in the world.
UK ECONOMY
UK is now having a strong resurgence to pre COVID levels. The UK Economy is predicted to expand by 84% up to 2035.This is the fastest growth rate for any major European economy and will remain the second largest economy in Europe with strong population growth and a highly skilled workforce.
The UK’s economy is well-diversified with many sectors. The UK has one of the lowest unemployment rates of European economies over the last decade.
INCOME GROWTH
The UK’s economy expanded by 32% in the last 20 years and income levels have risen similarly. The UK’s top-income band is expected to reach 13.7 million households by 2035, an increase of 648% since 2000.
UK HOUSING MARKET
The construction sector has struggled to meet the increased demand for housing. With 6.2 million people migrating to the UK between 2000 and 2019 and only 716,600 housing units were completed between 2015 and 2019. This is far below the government’s target of 1.1 million. The housing deficit over this five-year period alone is an estimated 383,400 units. House prices in the UK have therefore risen by 167% over the last 20 years. With continued demand from both UK and international buyers, UK house prices rose by an average of 10% in 2021 despite the global COVID pandemic. The market value of the UK’s housing stock is expected to reach GBP9.5 trillion by 2035 with average house prices increasing by 52% from 2020 to 2035.
