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. Medway Population Set to Rise By at Least 17% by 2035 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.
How Will This Affect House Prices in Medway? 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. For many home owners, waiting months or even years to sell their property is not an option, they simply need to sell my house today. Approved property buyers can assist in these situations, particularly for those who need to sell my house for cash. How to Sell My House Fast? Buyingpropertyfast.com can help home owners in Medway quickly sell their home with the minimum of fuss. We can offer a quick and fair valuation which can help you sell your house for cash and begin a new chapter in your life. This option allows home owners who need a fast house sale to forego the traditional route of trying to sell their house or apartment through an estate agent, or even have to try to market the property themselves via online websites. If you’re in a situation where you need a fast house sale, a quick call to us could help you on your way and save you months of stress and worry.