A boom in student housing and the rise of co-living will change the face of towns and cities along the South Coast over the next 10 years, says property consultancy JLL.
The student housing market is booming and JLL predicts that it will account for £1 in every £10 invested in UK commercial property in 2017. JLL says the trend is being replicated in Southampton as a result of the University of Southampton’s ambitious growth plans.
Southampton is also expected to see a big rise in the number of private rented sector (PRS) and co-living housing schemes - where investors buy up blocks of property for the purposes of buy-to-let, benefitting from both rises in value and rent. Co-living spaces are designed as a stepping stone for people who may have left university but don’t want to live on their own. Their collaborative living spaces appeal to small groups who enjoy the vibrancy of communal living.
The sector has grown substantially in major cities such as London and Bristol but is now spreading to the smaller regional cities, including Southampton, which already has one PRS scheme at the Fruit and Vegetable Market and several others in the pipeline.