According to an article in the Medway Property News, Medway Council are putting into place plans to address the chronic housing deficit in the area and how to meet the predicted rise in population.
It has been suggested that Central Government have told Medway Council that it needs 37,000 new properties to keep up with demand. However, other news sources have said that Medway Council has plans to construct from 730 to 1,410 homes a year by 2035, which would make a maximum of 23,970 – falling short of the Government recommendations. More confusion has arisen when another draft suggested 30,000 new homes would be built by Medway Council by 2035, coming closer to the Government target.
It has been estimated that Medway’s, which includes, Chatham, Rochester, Strood, Gillingham and Rainham population is set to grow by at least 17% over the next 23 years and is predicted to be home to around 330,200 people in 2035. This is an increase of 18.5% since June 2016 where the region’s population stood at 278,542.
The additional population has put a great strain on housing in the area and investment into building new homes for residents will be greatly received, although residents are keen for Medway Council to also invest in other vital services which will be required from a larger population such as more classrooms, doctors’ surgeries, road links and other essential amenities.
Property investors are looking at Medway as a possible place to build their property portfolios. The predicted increase in population means that they are guaranteed a large number of tenants to choose from and as new housing take time to be put into place, a high demand for rental property could lead to increased rents.
It is uncertain as to how this news will affect house prices in Medway and what affect it will have on the housing market overall. If you’re struggling to sell my house fast, an influx of new properties in the area could lead to a slower overall time taken to sell a property.
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