Future Outlook of UK Real Estate Service Industry: Ken Research

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What Is The Size Of UK Real Estate Service Industry?

UK Real Estate Service market is growing at a double digit CAGR in 2017-2022 and is expected to reach UKD ~ Bn by 2028. The UK Real Estate Service Market is largely driven by a strong and growing economy creates demand for commercial properties, office spaces, and residential housing, leading to increased opportunities for real estate services. As the population grows, there is a higher demand for housing and infrastructure development, driving the need for real estate services in both residential and commercial sectors. UK Real Estate Service Market is at a growing stage. It is a fragmented market with the presence of many companies.

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The market has seen emergence of abundant players in the past 5 years and the industry will further boost owing to the needs and wants of consumers for a more customized pet food platform. Few major UK Real Estate Service players are Jones Lang Lasalle Incorporated, CBRE Group Inc., Brookfield Properties LLC, Home services of America Inc., Cushman & Wakefield Holdings Inc., Silverpeak Real Estate Partners LP, The Long & Foster Companies Inc. etc. North America to dominate the global cat food market. An increase in awareness and lifestyle changes is the fundamental driver of Pet market growth. Customers are more likely to remain loyal when their needs are customized.

UK Real Estate Service Market Segmentation by Property Types

The UK Real Estate Service market is segmented by Property Types. Residential property was the dominant form.

UK Real Estate Service Market Segmentation by Service

The UK Real Estate Service market is segmented by Service. Property Management was the most dominant in 2022.

UK Real Estate Service Market Segmentation by Region

The UK Real estate service market is segmented by Region into England, Wales, Northern Ireland, Scotland and Other Regions. England held the major market share in market in 2022.

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Competition Scenario in UK Real Estate Services Market

The UK real estate service market is fragmented. The report covers the major players operating in the United States Real Estate Services. The UK real estate services market has both international and local players. Some of the prominent players in the industry are Jones Lang Lasalle Inc., CBRE Group, Brookfield properties LLC, Home services of America Inc., and Cushman & Wakefield Holdings Inc. The growing real estate market, adoption of new technology by real estate services providers, and a few other factors will increase the growth of the market.

What Is The Expected Future Outlook For The Overall UK Real Estate Services Market?

The UK Real Estate Services market was valued at UKD ~ billion in 2022 and is anticipated to exceed UKD ~ billion 2028, witnessing a robust CAGR during the forecast period 2022-2028. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future. The UK Real Estate Services market is driven by the trend of people moving to urban areas drives demand for real estate services, as cities expand, and new properties and developments are required.

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Low mortgage rates encourage homebuying and real estate investment, leading to increased demand for real estate services like property sales and mortgage financing. The government has set forth ambitious strategies to leverage digital technologies extensively in enhancing its services, processes, and decision-making capabilities, as well as facilitating efficient data sharing with the public. Similarly, in response to the increasing demand for sustainable housing solutions, real estate companies have been introducing novel and innovative products into the market.

The concept of sustainable construction practices is proving to be a highly advantageous investment and a responsible choice for the environment when it comes to real estate development. With increasing concerns about the ecological impact of building materials and waste management in construction, there is a push for new policies and legislation that require developers to prioritize sustainable building materials and adopt eco-friendly construction practices. These measures aim to ensure that real estate projects take responsibility for minimizing their environmental footprint and contribute to a more sustainable and greener future for the industry. The global real estate market is projected to grow significantly during 2022-2028, driven by increasing awareness of sustainable development and eco-friendly construction practices. Governments are adopting green building certifications and policies to encourage responsible choices among real estate developers and investors.

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UK Real Estate Service Market Outlook to 2028

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Story Outline

• With housing demand on the rise and a scarcity of properties, the competitive UK market witnesses soaring house prices, particularly in London, where average prices double the national average.
• UK companies embrace innovative technologies like IoT devices and automation to optimize property performance, meeting the demands of tech-savvy millennials and staying relevant in the competitive real estate landscape.
• UK Mortgage Rates Skyrocket in 2022, Prompting Record Bank Rate Hikes. Residential Property Market Stages Impressive Recovery with Over One Million Transactions in 2021.

1. Has UK House Buyer Sentiment Weakened? A Closer Look at Market Trends

The housing market in the United Kingdom (UK) is influenced by supply and demand dynamics. A shortage of housing leads to increased demand, creating a competitive market that drives up house prices. Conversely, an excess of housing results in price reductions to attract buyers. This trend is evident in the UK, particularly in London, where as of June 2022, the average house price was approximately double the national average, reaching over 538,000 British pounds (USD 648,021).

Even within London, there are significant variations in average house prices. Living in Kensington and Chelsea would require an average investment of over one million British pounds (USD 1.20 million), while a house in Barking and Dagenham would cost approximately a quarter of that amount. In 2022, the UK witnessed around 1.3 million housing transactions, and with an expected increase in transactions, the average house price is projected to rise nationwide. 

2. Are House Prices Increasing in the United Kingdom?

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UK companies are embracing innovative technologies to enhance their services and optimize property performance. Property managers and owners are actively seeking technological advancements, including Internet of Things (IoT) devices like thermostats, CCTVs, and smart lockers, which have become widely adopted. Automation is increasingly becoming a crucial aspect of the property management industry. Millennials, in particular, demonstrate a high affinity for technology usage.

A recent survey revealed that 42% of property managers are choosing to adopt new technologies to stay relevant in today's competitive market. Various companies, such as Buildium, AppFolio, Rentalutions, and VTS, offer cutting-edge products that streamline and automate traditionally paper-heavy tasks, such as bill payments, rent collection, and maintenance tracking.

3. Surge in Residential Properties: Favorable Mortgage Rates Propel UK Housing Market

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In 2022, mortgage rates in the UK experienced an unprecedented surge, with the 10-year fixed mortgage rate doubling between March and December. This increase was largely influenced by rising inflation, prompting the Bank of England to implement multiple bank rate hikes throughout the year, consequently leading to higher mortgage rates.

Following a decline in 2020 caused by the COVID-19 pandemic, the residential property market made a remarkable comeback in 2021. Both the number of residential properties sold and the gross value of mortgage lending experienced significant growth during this period. Across the United Kingdom, over one million transactions took place in 2021, with the majority of residential properties being sold in England.

As the study period continues, it is anticipated that the already modest mortgage rates, which have been instrumental in driving housing market demand, will continue to rise, further influencing the residential real estate market in the United Kingdom.

The United Kingdom's residential real estate market is characterized by a fragmented landscape, with low market share concentration and intense competition among industry players. The prevailing shortage of houses in the market has resulted in increased demand, significantly benefiting prominent housebuilders in the country. Several major players have reported a surge in sales owing to the robust demand for new homes.