Britain’s baby boom sparks demand for family homes

Reports from the Office for National Statistics in August showed Britain’s population has risen to 61 million thanks to a baby boom during the current recession, which has prompted an increase in demand for more family homes according to leading south east developer, Weston Homes.

Across the developer’s residential portfolio in recent months three and four-bedroom houses have been snapped up by young families taking advantage of affordable property prices that would have been tens of thousands of pounds more expensive 18-24 months ago.

Since January, over 70 per cent of Weston Homes’ family properties have been sold or are under contract with the last three-bedroom house at its Dartford-based property, Nexus, recently being sold and only 10 four and five-bedroom houses launched in June at Mayfield Grange in Sussex remaining for sale.

The limited stock of houses has prompted the developer to prioritise its land acquisitions to provide more family homes to meet growing demand.

Bob Weston, Chairman and Chief Executive of Weston Homes, commented, “We are now seeing new build houses on the market for 20 per cent less than the peak in 2007. Currently, the average price of a home in the UK is the same as properties on the market in early 2005 according to Land Registry statistics. This means those looking to upsize their property have an opportunity to secure a home for less than what they would have paid in a sellers’ market.

“Research from Knight Frank predicts property prices by the end of the year will be up two per cent and by 2014 will be 21.5 per cent higher than values at the peak of the market in 2008, which is why I recommend young families looking to secure a larger home to act now before they are priced out of the market.

“Britain’s population is only going to increase which places more pressure on the housing market and, given stock is well below the Government’s projected targets, pent-up demand will create a spike in values once again.

To date, houses that have sold out throughout Weston Homes’ developments include Barton Mill in Canterbury, Kent, Archers Place in Bishops Stortford, Essex, The Point in Maidstone, Kent, Nexus in Dartford, Kent and The Edens, Eltham.