MALONE WHARF

WIGAN

UK

Content Welcome to Malone Wharf 12 Area Map 14 Specification Greater Manchester Wigan 18 Sport 19 Demographics 20 Economy & Employment 22 Wigan’s Two Largest Employment Hubs 24 Transportation 26 Regeneration 27 Education 28 Housing Market 28 Demand 29 Supply UK Investment Case

30 Overview 32 Economy 33 Economic Structures 34 Income Growth 35 Housing Market

Computer generated images are intended for illustrative purposes only

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WELCOME TO MALONE WHARF The development is a beautiful selection of eight recently completed modular Townhouses with roof terraces, canalside back gardens and allocated parking. Situated within the heart of the Pier Quarter, the development benefits from picturesque surroundings while maintaining a short commuter distance of 30 minutes to either Manchester or Liverpool.

The units are spacious, modern and pay tribute to the location’s historical significance with its urban-industrial design that is fit for the future. With sustainability and communal living in mind, the development incorporates the latest energy-saving technology to lower household power consumption and expenditure whilst reducing the overall environmental impact.

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Points of Interest

AREA MAP

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Mesnes Park

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Fat Olive Restaurant 11

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Wigan Athletic FC

Marks and Spencer

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Wigan Town Centre

15 Robin Retail Park

Wigan Wallgate 2

Asda Wigan 5 Supercentre Pharmacy 6

MALONE WHARF

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Wigan Pier Bus Stop

Seven Stars Road 4 Bus Stop

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14

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La Sentidos Loca

1

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Wigan Little Theatre

Gallimore’s Fine Restaurant

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14

The Black Pepper Red Door Bistro

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12 Museum of Wigan Life

Wigan North Western Station

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Plata Tapas

10 Wigan Pier

Fitness Centre

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17

Academy of Live and Recorded Arts

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NEWTOWN

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Wigan North Western Station 11min Walk / 3min Drive / 5min Bus

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Wigan Wallgate 12min Walk / 2min Drive / 5min Bus

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Local Amenities 3

Wigan Pier Bus Stop 4min Walk

4

Seven Stars Road Bus Stop 3min Walk

5

Asda Wigan Supercentre

7

10min Walk / 3min Drive

POOLSTOCK

Marks and Spencer

Pharmacy 10min Walk / 3min Drive

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Academy of Live and Recorded Arts 7min Walk / 2min Drive Museum of Wigan Life 14min Walk / 4min Drive / 12min Bus Wigan Town Centre 11min Walk / 9min Bus / 4min Drive Wigan Little Theatre 19min Walk / 16min Bus / 5min Drive Robin Retail Park 16min Walk / 4min Drive Wigan Athletic FC 15min Walk / 4min Drive Mesnes Park 20min Walk / 9min Drive / 18min Bus

11min Walk / 4min Drive

Plata Tapas 10min Walk / 3min Drive Red Door Bistro 14min Walk / 5min Drive / 11min Bus The Black Pepper 14min Walk / 4min Drive / 2min Bus

Ince-in-Markerfield 21

Gallimore’s Fine Restaurant 13min Walk / 5min Drive / 5min Bus

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5min Walk / 4min Drive

Cafes & Restaurants

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TRANSPORTATION

Wigan Pier

SCHOLES 13

Wigan Pier Quarter 8

5min Walk / 5min Drive

WHELLEY 10

16

Wigan Pier Quarter

Fitness Centre 13min Walk / 12min Bus / 3min Drive

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La Sentidos Loca 13min Walk / 7min Drive/ 7min Bus Fat Olive Restaurant 19min Walk / 7min Drive / 16min Bus

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SPECIFICATION Living Room •

Wide plank timber flooring

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Electric heating with flat-panel heating throughout

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Low Voltage spotlights

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Stainless steel switches and power sockets

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Ultrafast broadband connection

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Visitor security access system

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High-quality ironmongery Bathroom

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Kitchen •

Fully-fitted SieMatic Urban kitchen

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Soft-close drawer system with concealed handles

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Solid worktop with tiled splash back

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Inset Blanco sink and drainer

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Blanco mixer tap

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Neff ceramic induction hob with touch controls, concealed extractor hood and glass splashback

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Integrated Neff oven

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Full-height Neff fridge-freezer unit

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Full-size Neff dishwasher

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Bosch washer-dryer

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Stainless steel power sockets

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Concealed lighting under storage cabinets

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Bath and overhead rain shower

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Vitra anti-slip enamel baths and shower trays

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White Vitra porcelain sanitaryware

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Surface-mounted contemporary tap in brushed stainless steel

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Toughened full-height shower screens

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Large-format porcelain tiles throughout

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Full-width mirror with concealed storage cabinet

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Stainless steel shaver socket

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Low energy air source heat pumps and whole house efficient air handling via MVHR system

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Numerous energy saving features such as energy efficient windows and ‘A’ rated appliances

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Access to vehicle charging point

Bedroom •

Low Voltage spotlights

• •

Whitewashed, wide-format timber flooring Electric heating with flat-panel heating throughout Ambient bedside light Stainless steel switches and power sockets

• •

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GREATER MANCHESTER

WIGAN The lively town of Wigan lies along the River Douglas and the historic Leeds and Liverpool Canal, approximately 20 miles northwest of Manchester. The town was established in 1246 and, as with most areas in the north of England, benefitted from the traditional industries of coal mining and cotton manufacturing during the industrial revolution.

Greater Manchester is a metropolitan county in North West England and is home to 2.9 million people. It includes ten metropolitan boroughs: Bolton, Bury, Oldham, Rochdale, Stockport, Tameside, Trafford, Wigan, and the cities of Salford and Manchester. It is one of the country’s largest metropolitan regions, and the second-most populous area in England, outside of London as of 2021.

The mechanisation of the textile sector in the late 18th century increased the number of factories in Wigan, leading to considerable economic and population growth. Wigan’s status as a centre for coal production, engineering and textiles in the 19th century led to the town becoming one of the first in Britain to be served by a railway, intrinsically linking to the economies of Manchester and Liverpool.

Greater Manchester is one of the most economically diverse regions in the UK and is one of the main drivers of the northern economy. At present, there are approximately 1.4 million jobs that contribute towards Greater Manchester’s GVA of GBP67.2 billion (2021). The Greater Manchester area generates nearly 40% of total output in the North West and 19% across the North of England. Manchester City, Salford and Trafford have seen the largest growth over the last 21 years, contributing 56% of Greater Manchester’s total economic output in 2021. In terms of population, Manchester City has the highest population with 555,740, followed by the nearby town of Wigan with 330,710 as of 2021.

MANCH R E ES T A Rochdale

Wigan

Bury Oldham Salford

Trafford

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London

Manchester

Bolton

R TE

GR E

The town of Wigan flourished throughout the 19th century right up to the 1960s, when the relocation of the textile industry to low-cost locations overseas led to industrial decline and depopulation. Today, Wigan has expanded beyond its industrial roots, transforming into a diverse and innovative economy.

Tameside

Stockport

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DEMOGRAPHICS During the Industrial Revolution, Wigan experienced a significant transformation that attracted a large number of colliers and manufacturers to the town. It continued to attract people until the 1960s when deindustrialisation led to depopulation. This trend continued until the early 2000s when as a consequence of renewed economic growth, both the natural population growth rate and inward migration began to climb.

Wigan Population Trend (1981 - 2035) 350,000 340,000

Population

330,000

SPORT

310,000 300,000 290,000

Wigan Athletic F.C. is an English professional association football club based in Wigan’s 25,000 seater stadium. The club was founded in 1932 and has since become a significant name in English football, putting the town on the map.

280,000 1981

The club was promoted to the Football League in 1978 and then again to the Premier League in the 2004-2005 season, where they stayed for 8 seasons. Wigan Athletic was recently purchased by Phoenix 2021 Limited for GBP40 million in 2021.

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320,000

1985

1989

1993

1997

2001

2005

2009

2013

2017

2021

2025

2029

2033

Wigan’s population has increased by 9% since 2000 and is currently the second most populous borough in Greater Manchester, registering 330,014 residents as of 2021. This trend is expected to continue with Wigan’s population reaching 341,785 residents by 2035, a 13% increase since 2000.

Sources: Wigan Athletic

Sources: Oxford Economics, ONS, Wigan Athletic, The Guardian

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ECONOMY & EMPLOYMENT

Unemployment Rate Trend 2000 - 2035

Of all the boroughs in Greater Manchester, Wigan is ideally located within proximity of the major commercial centres of Manchester and Liverpool.

This strategic location has been a major contributor to Wigan’s success and why it’s an attractive option for both residents and businesses.

In addition to the vast number of highly paid jobs on offer in both Manchester and Liverpool, the town of Wigan is once again re-establishing its own economy. Innovative SMEs constitute a large proportion of the 12,680 firms based in Wigan.

Whilst manufacturing is still a pillar of the local economy, with the largest GVA of GBP891 million and employing over 12,720 people; it is the Professional, Scientific, and Technological sector that is expected to see the largest employment growth (16%) between 2021 and 2035.

This growth is in line with Wigan’s strategic effort to adapt and evolve from a ‘post-industrial town’ mainly reliant on traditional manufacturing, to one of innovation, prosperity, and sustainability.

Unemployment Rate (%)

22

17

12

7

4.3% 3.0%

2 2000

2005

2010

Wigan

Manufacturing

Professional, Scientific and Tech

Creative Digital

Health and Social Care

Number of Employees

Number of Employees

Number of Employees

Number of Employees

12,720

7,370

2,500

(2000-2021: -40%) (2021–2035: -16%)

(2000-2021: +73%) (2021–2035: +16%)

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2015

2020

Manchester

2025

2030

2035

Liverpool

Wigan’s location allows its residents access to both Manchester and Liverpool’s thriving employment hubs.

The commute time of less than 32 minutes to these two cities and other areas results in a net excess of 34,530 daily commuters from Wigan each day. As a result, Wigan has an extremely low unemployment rate of 3.5% (2021), which is forecast to decrease further to 3% by 2035, significantly lower than the outlook for Manchester at 7.1% and Liverpool at 4.3%.

15,870 (2000-2021: +46%) (2021–2035: +11%)

Education

Retail

Construction

Number of Employees

Number of Employees

Number of Employees

9,860

12,800

(2000-2021: +1%) (2021–2035: -4%)

7.1%

9.2%

12,400 (2000-2021: -2%) (2021–2035: +8%)

Source: Oxford Economics, ONS, Invest in Manchester, Wigan City Council

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WIGAN’S TWO LARGEST EMPLOYMENT HUBS The cities of Manchester and Liverpool are the largest employment hubs in North West England, employing over 734,100 people from these two cities or nearby towns such as Wigan.

Many UK businesses are ‘Northshoring’ to Manchester and Liverpool, which is expected to create an additional 91,980 jobs by 2035 and add GBP52 billion total GVA to the UK economy by 2035.

Urban growth in these cities is amongst the strongest in the UK. At just under GBP45 billion these two cities are forecast to grow a further 82% and reach GBP81.5 billion by 2035, as more companies such as Amazon, Microsoft, Morgan Stanley, Unilever and Astra Zenica relocate important business functions to these cities.

The economic boom experienced in both Manchester and Liverpool since the early 2000s has led to significant population growth, with an average increase of 1,785 residents per annum, putting upward price pressure on the housing markets. As a result, many of these cities’ residents have opted to take advantage of the significant value on offer in nearby commuter towns such as Wigan.

House Price Growth since 2000

22

269%

384%

Liverpool

Manchester

Rental Growth since 2015

13% Liverpool

20% Manchester

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The 5th most populous city in the UK, outside of London, registering 558,840 residents as of 2021

Home to more than 25 Nobel Prize winners and many impressive accolades such as being the birthplace of the

world’s first computer

Home to the GBP28.5 million Cancer Research Centre – one of the UK’s most innovative medical research facilities.

A world-renowned education sector, with a 105,000 student population and graduate retention rate of 51%

The 7th most populous city in the UK, outside of London, registering 501,550 residents as of 2021

Liverpool has the UK’s largest

wealth management centre outside London – handling over GBP13 billion in assets and employing 60,000 people

The city’s health and life sciences sector is worth GBP1.7 billion and generates over 100,000 jobs. Liverpool also has the largest concentration of biopharmaceutical companies in Europe

The GBP1 billion Superport plans to integrate Two prominent football teams: Manchester United F.C. and

Manchester City F.C.

Europe’s second-largest cluster of creative / media

businesses.

the city’s ports, airports, freight community and its surrounding logistics infrastructure into a global freight hub, capable of handling 95% of the world’s

Home of The Beatles

Two prominent football teams: Liverpool F.C. and Everton

F.C.

container ships

Large companies in Manchester include:

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Sources: Oxford Economics, ONS, Liverpool Council

Large companies in Liverpool include:

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TRANSPORTATION

As part of the ‘Greater Manchester Transport Strategy 2040’, the Manchester Metrolink network will be extended to nearby commuter towns such as Wigan and Stockport. Once completed, the tram network will be one of the largest in Europe, intrinsically connecting the economic centres with surrounding residential areas.

Wigan’s strategic location and well-developed transportation networks via road, rail and air, allow for excellent mobility and connectivity for its residents across the UK and abroad.

West coast main line to Glasgow and North

RAIL:

Existing Rail Network Manchester Metro Link Extension

Preston

There are two railway stations in Wigan town centre: Wigan North Western and Wigan Wallgate. These two lines provide direct services to London with a travel time of 2 hours, Manchester and Liverpool can be reached in 32 minutes. These travel times will be further reduced with the arrival of the HS2 (a high-speed railway project in the UK that will link and reduce travel times between London and other major cities in the Midlands and North of England).

Motor Way Proposed High Speeds Rail (HS2) HS2 to serve the current Wigan North Western station

Southport

Travel Time to Wigan Manchester

31mins

Liverpool

32mins

Current Time to HS2

Bolton

Wigan

To Liverpool Car: 50min Train: 32min

Leigh

Salford

St Helens

Birmingham

MANCHESTER

1hrs 22mins 36mins (HS2)

To Manchester Airport Car: 40min Train: 1hr 1min

LIVERPOOL

Sheffield

1hrs 44mins

London

To John Lennon Airport Car: 35min Train: 1hr 10min

1hrs 55mins 1hrs 31mins (HS2)

To Manchester Car: 45min Train: 31min

West cost main line to London and South

To London: Car: 3:50min Train: 1hr 55min

AIR: Wigan is also well located to both Manchester Airport, the busiest airport in the UK outside of the London region and Liverpool John Lennon Airport.

Manchester Airport:

Liverpool John Lennon Airport:

Handled over 29.4 million passengers in 2019 with direct flights to 225 destinations, including the world’s commercial centres such as Dubai, New York, and Hong Kong.

Handled 5.05 million passengers in 2019, making it the 13th-busiest airport in the UK with direct flights to 28 different countries.

ROAD: Located at the heart of the regional motorway network on the M6 and M61, Wigan provides quick and easy access to the entire national road network. Easy access to either Manchester or Liverpool is available within under an hour.

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Sources: Invest in Manchester, UK Civil Aviation Authority, Greater Manchester Combines Local Authority, HS2

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REGENERATION

EDUCATION

Wigan has undergone significant regeneration since introducing the Local Plan Core Strategy in 2013. Various regeneration projects across the city, such as the GBP16 million “Wigan Transport Hub”, have resulted in environment reclamation, economic and social improvement, and better transportation connectivity for the town. Wigan Town Centre and Wigan Pier are two recent prominent projects aligned with this strategy.

WIGAN TOWN CENTRE

Wigan’s location provides its residents with a wide variety of tertiary education in both Manchester and Liverpool. Both cities offer highly regarded education systems that attract many students from both the UK and abroad. The cities make a prestigious feature on the Global Best Student Cities, with Manchester ranked 30 and Liverpool ranked 61 (QS World University Rankings). The high graduate retention rates in Manchester (53%) and Liverpool (38%) bode well for a strong rental market and add to the growing local economy as major firms establish offices to take advantage of the young and highly educated talent pool.

WIGAN PIER

The world-renowned University of Manchester is the city’s largest, ranking 5th in the UK and 51st globally. It has over 10,000 members of staff as well as 36,557 students (of which 41% are international) and offers more than 1,000 higher education courses.

It also has an impressive 25 Nobel Prize winners among its current and former students and staff. It is a member of the prestigious Russell Group, with over a third of the university’s research classified as world-leading.

Completion: 2024

Completion: Phase 1: 2022

The GBP135 million redevelopment of Wigan town centre will span across 440,000 sq ft. When completed this development will comprise of 464 residential units, a market hall, 10,000 sq ft of co-working space and offices, a re-animated Makinson Arcade, a landscaped public realm square and 460 car parking spaces.

The GBP1.1 million regeneration project of this area is currently in progress and will see the renovation of the existing warehouse buildings.

When completed, it will provide 55,000 sq ft of office space, new commercial spaces for food and beverage outlets, as well as leisure, retail and community facilities, which aims to put Wigan back on the map as one of the premier cultural destinations in the North.

Currently, Wigan Town Centre has over 300,000 visitors per week and supports over 10,000 jobs.

The first phase of the project is expected to be completed in 2024, and will create over 600 new jobs, making it an important scheme that will significantly rejuvenate the heart of Wigan town centre.

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Sources: Wigan Council, Step-Places, Manchester Evening News

In addition, eight modular townhouses have already been built alongside the canal, with additional luxury apartments in the planning for phase 2. Once completed, a gin distillery, microbrewery and food hall are also proposed inside the Pier’s landmark buildings.

Manchester Metropolitan University is Manchester’s second largest, with over 28,375 students (of which 17% are international). It attracts the 3rd highest number of applications out of any university in the UK and prides itself on strong partnerships with corporate organisations at a regional, national, and international level, including the BBC and IBM. The University of Salford is the fastest-growing university in the Northwest and the fifth fastest-growing in the UK. It currently has 16,793 students enrolled, of which 20% are international. The university is also the highest-ranking for student satisfaction in Greater Manchester. Almost two-thirds of the graduates stay for employment in Greater Manchester after their studies, contributing GBP319 million in Gross Value Added (GVA) to Greater Manchester’s economy.

The University of Liverpool is ranked 178 in the world. It is Liverpool’s largest university with 25,910 full-time students, of which 35% are international from 127 countries. It is a member of the Russell Group of research-led universities and is ranked 20th in the UK for research power. It is included in the top 10 UK Universities for annual research income of GBP89 million and has had 9 Nobel Laureates that have passed through its doors.

Sources: Times Higher Education, Business Leader, University of Liverpool, UKUNI

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Supply

HOUSING MARKET

While population growth levels in Wigan have outpaced that of the national average for many years, housing supply has been unable to keep up with demand in the town. Since 2011, 7,560 new homes have been completed from a required 14,588. With just 52% of the housing requirement fulfilled over the last decade, Wigan has accumulated a substantial undersupply of new homes.

Wigan’s housing market has been underpinned by its growth in popularity as a commuter town resulting in a steady population growth over the last 20 years.

As of 2021, Wigan’s population stood at 330,014 residents, an increase of 9% since 2000. The population is expected to increase by a further 4% by 2035, compared to the national average of 3% over the same period.

Furthermore, the increase in demand for larger living spaces and outdoor areas as a consequence of the global pandemic, has only accelerated migration trends towards commuter towns such as Wigan.

The Greater Manchester Combined Authority estimates that 944 housing completions per year is required in order to satisfy Wigan’s future housing requirement. This is well above the town’s long-term average of 756 units per annum, and will therefore be very difficult to achieve. Taking the current backlog and future requirements into account, a housing supply deficit of 9,345 units could persist by 2030.

Wigan Housing Supply & Demand 2011-2030 170,000

Deficit: 9,345 units

165,000 160,000

Units

Demand

155,000 150,000 145,000

20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30

140,000

Wigan Population Growth 2010 - 2035 2034

Housing Stock

2032

Housing Deficit

Housing Supply

2030 2028

Sales and Rental Market

2026

A consistently undersupplied housing market combined with a steady population growth has put upward pressure on Wigan’s house prices. However, house prices still offer tremendous value for money, currently prime property is 21% more affordable than Manchester and 10% more affordable than Liverpool.

2024 2022 2020

Wigan’s house prices have increased by 37% since 2015 and are expected to increase by a further 41% by 2035.

Similarly, rental prices have increased by 10% between 2015 - 2020, compared to the national average of 3%.

2018 2016 2014 2012 2010 315,000

320,000

325,000

330,000

Population

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Sources: Oxford Economics, ONS

335,000

340,000

345,000

MORE AFFORDABLE THAN MANCHESTER

MORE AFFORDABLE THAN LIVERPOOL

21%

10%

Sources: Oxford Economics, Greater Manchester Combined Local Authority, Prime Location,

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UK MACRO OVERVIEW The United Kingdom is one of the world’s major economic powers with the sixth-largest global economy. It remains a great political and cultural influence with its capital city, London, operating as one of the world’s most important financial hubs.

United Kingdom Area: 93,628 sq miles Population: apx. 66.8 million Language: English Currency: Pound Sterling Capital: London

GLASGOW EDINBURGH

MANCHESTER LEEDS WIGAN LIVERPOOL

SHEFFIELD

BIRMINGHAM

LONDON

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UK Economic Structure

UK ECONOMY

The UK’s economy is incredibly well-diversified, with over 50% of the total workforce employed across 5 highly innovative and productive sectors. The Human Health sector is expected to grow by 17% and become the UK’s largest employment sector with 5.3 million jobs as of 2035.

Now experiencing a strong rebound back to pre-pandemic levels, the UK's economy is predicted to expand by a rate of 84% up to 2035. This is the fastest growth rate expected for any major European economy.

As a result, the UK will remain the second-largest economy in Europe, totalling EUR4.37 trillion as of 2035. This is primarily due to favourable demographics, as the UK’s strong population growth is expected to sustain a working-age population of just over 42 million people over the next 15 years and beyond.

In terms of productivity, the Professional, Scientific & Technical Activities sector experienced the most significant growth with a 127% increase in GVA since 2000. As of 2021, this figure was GBP151 billion while employing 3.2 million people. By 2035, this sector is expected to produce a GVA of GBP221 billion while employing 3.7 million people.

UK Employment Sectors 2021

14%

GDP Growth 2000-2035

Accommodation & food services

7%

Administrative & support activities

60%

GDP (EUE Trillions)

4

Education

3%

Electricity, gas & water supply

2%

84%

6%

Financial & insurance activities

5%

66%

Human health & social work

58%

Information & communication

3 32%

54%

2

64%

73%

Germany

United Kingdom

France

Italy

77%

2000

Spain

2020

Netherlands

85%

Ireland

+82%

+79%

+173%

+153%

+79%

Wholesale & retail trade

The UK’s Coronavirus Job Retention Scheme (Furlough), which successfully protected millions of jobs, ended in September 2021. During the lifetime of the scheme, approximately 11.6 million jobs were supported.

European Unemployment Rate Trend 2010-2030 30%

15%

+116%

+77%

+76%

+109% +135%

10 Birmingham

Transportation & storage

20% +69%

30

0

Real estate activities

13%

25%

50

+105%

Public administration & defence

The UK has maintained one of the lowest and most consistent unemployment rates of all major European economies over the last decade.

2035

60

20

4%

Professional, scientific & technical activities

1%

Portugal

Top 10 Largest UK Cities by GDP (excluding London) 2000-2035

40

7%

58% 53%

The 10 largest cities in the UK after London have experienced transformative levels of economic development with an average GDP growth rate of 128% between 2000 and 2021. Over the next 14 years, these cities are expected to further expand by an average of 75%.

+73%

3%

4% 239%

0

Other services (inclu. agriculture, forestry, fishing, mining & quarrying)

67%

33%

Manufacturing

8%

9%

49%

1

GDP (GBP Billions)

Construction

5%

5

Leeds

Manchester Edinburgh

Glasgow

Bristol

Liverpool

+72%

+118%

+106%

Belfast

+74% +147%

Sheffield Nottingham

5% 0% 30 20

29 20

Spain

28 20

Portugal

27 20

26 20

Netherlands

25 20

24 20

23 20

Italy

22 20

Ireland

21 20

20 20

Germany

19 20

18 20

France

17 20

Sources: Oxford Economics

16 20

European Union plus UK

15 20

14 20

13 20

12 20

2035

10%

11 20

2021

+123%

+74%

10 20

2000

34

Arts, entertainment & recreation

8%

6

United Kingdom

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UK INCOME GROWTH

UK HOUSING MARKET

The UK’s economy expanded by 32% in the last 20 years and household income levels have risen in a similar fashion. The number of households in the UK’s lower-income band is expected to continue to shrink to 5.7 million by 2035, a fall of 42% since 2000. Between 2000 and 2021, the UK’s middle-income band increased by 37% to over 16.5 million households, and is forecast to further increase to 17.7 million (+37%) by 2035.

The UK’s top-income band is expected to reach 6.7 million households by 2035, an extraordinary increase of 167% since 2000. As a result, the number of high-net-worth and ultra-high-net-worth individuals in the UK is expected to increase by 76% and 39% respectively within the next five years, far exceeding the growth rates in other major global economies.

With more than 6.2 million newcomers migrating to the UK between 2000 and 2019, the construction sector has struggled to keep up with the increased demand for housing. Only 716,610 housing units were completed between 2015 and 2019, 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.

Combined with a well-diversified and resilient economic environment, house prices in the UK have risen by 183% over the last 20 years. With continued demand from domestic and international buyers, UK house prices rose by an average of 8.7% in 2021 despite the global pandemic.

UK Housing Market Forecast 2021-2035 Market Value of Housing Stock: GBP9.7 trillion UK House Price Index: +45% Consumer Spending on Housing Rent: +67%

20 18 16 14 12 10 8 6 4 2 0

16.5 (+37%)

9.8

12 7.2 (-27%)

4.5 (+80%)

17.70 (+37%) Cumulative: +48% 6.70 (+80%) Cumulative: +167%

5.70 (-27%) Cumulative: -42%

2.5 2000 Household numbers by income band - $0-35000

2021 Household numbers by income band - $35000-100,000

2035 Household numbers by income band - $100,000+

10

80%

9

70%

8 GBP (Trillions)

Number of Households (millions)

Number of British Household per Income Band

60%

7 6

50%

5

40%

4

30%

3

20%

2

10%

1 0

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 Market value of housing stock (Left Axis)

Consumer spending on Housing Rent (Right Axis)

0%

House Price Index (Right Axis)

The UK’s housing stock market value is expected to reach GBP9.7 trillion by 2035 with average house prices increasing by 58% from 2021 to 2035. Consumer expenditure on household rent is forecast to continue its steady incline, with a further rise of 71% over the same period.

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Sources: Oxford Economics, Knight Frank

Sources: ONS, Oxford Economics

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