More than thirteen babies for every new home built in #Bradford #ilkley

More than 13 babies have been born for every new home that has been built in Bradford since 2012, deepening the Ilkley housing shortage.

This discovery is an important foundation for my concerns about the future of the Ilkley property market – when you consider the battle that todays twenty and thirty somethings face in order to buy their first home and get on the Ilkley property ladder. This is particularly ironic as these Ilkley youngsters’ are being born in an age when the number of new babies born to new homes was far lower.

This will mean the babies being born now, who will become the next generation’s first-time buyers will come up against even bigger competition from a greater number of their peers unless we move to long term fixes to the housing market, instead of the short term fixes that successive Governments have done since the 1980’s.

Looking at the most up to date data for the area covered by Bradford Council, the numbers of properties-built versus the number of babies born together with the corresponding ratio of the two metrics …

Bradford

bradford 1

It can be seen that in 2016, 15.25 babies had been born in Bradford for every home that had been built in the five years to the end of 2016 (the most up to date data). Interestingly, that ratio nationally was 2.9 babies to every home built in the ‘50s and 2.4 in the ‘70s. I have seen the unaudited 2017 statistics and the picture isn’t any better! (I will share those when they are released later in the year).

Our children, and their children, will be placed in an unprecedented and unbelievably difficult position when wanting to buy their first home unless decisive action is taken. You see it doesn’t help that with life expectancy growing year on year, this too is also placing excessive pressure on homes to live in availability, with normal population growth nationally (the number of babies born less the number of people passing away) accumulative by two people for every one home that was built since the start of this decade.

Owning one’s home is a measure many Brits to aspire to. The only long-term measure that will help is the building of more new homes on a scale not seen since the 50’s and 60’s, which means we would need to aim to at least double the number of homes we build annually.

In the meantime, what does this mean for Ilkley landlords and homeowners? Well the demand for rental properties in Ilkley in the short term will remain high and until the rate of building grows substantially, this means rents will remain strong and correspondingly, property values will remain robust.

If you want to learn more about the Ilkley Property Market, feel free to pop in for a coffee at our office for a chat with me, or failing that, visit the Ilkley Property Blog, where you will find many more articles like this solely on the one topic of the Property Market in Ilkley and the Wharfe Valley – http://www.wharfevalleypropertyblog.co.uk email info@wharfevalleypropertyblog.co.uk