From population growth to women having children later in life, changing demographics will undoubtedly play a key role in shaping the intermediary market in years to come.
Clearly, population growth in the UK, and an aging population at that, has major implications for the housing market and mortgage provision.
The initial results of the 2011 Census showed that the UK now has the largest population it has ever had, growing by 3.7m in the last ten years.
Of this number, one in six is over the age of 65 and there are now 430,000 residents over 90 years old. The obvious need for more homes is a well debated issue but what about the implications for lenders and intermediaries?
There are certainly opportunities in the future once we see ourselves out of this current flat market. Maybe Funding for Lending will see us get there quicker than we thought a month ago.
A higher proportion of families with children will be renting in the future. Buy-to-let therefore has a role of growing importance for many years to come.
Despite the fact there is a growing trend for women to delay having children until later in life according to the Office for National Statistics, it is likely there is going to be more generations in need of housing per family in the future.
This may make it much more difficult for parents to help children onto the property ladder as is the case for many first-time buyers in today’s market. But is also likely to continue the trend for larger, affordable properties to be built.
One thing is for certain, we all need to start thinking about it now in order to avert a future crisis. Like healthcare and pension provision, housing and home ownership will be heavily impacted by a growing, aging population facing rising living costs and, potentially, providing for children later in life.
Adrian Scott is mortgage services director at Connells Group