A large town located in Buckinghamshire, Milton Keynes (also known as MK) is about 80 km northwest of London. Due to its strategic location and huge population, expected to reach 300,000 people in five years, MK can be an excellent place for your next property investment.
However, population and location are not the only reasons why Milton Keynes is an excellent choice for you who are looking to expand or start establishing your portfolio. The town is considered to have one of the most successful economies in the entire UK, ranking in the 5th position when it comes to the number of start-ups per capita.
This article will discuss more town key features, describe MK’s market influence, tackle current developments and the Council’s future plans to provide you with a broader picture when it comes to MK as a potential investment.
Milton Keynes Key Features
- High industrialisation: MK is identified as one of the top five cities in the UK when it comes to economic development.
- Home of big companies and warehouses: Amazon, John Lewis, Ikea, and many other major global firms.
- Large shopping centre.
- New buildings and flats are being built due to increasing population.
- 32 minutes by train to central London.
- Accessibility to major road networks.
- Considered one of the UK’s most productive workforce: over 170,000 employees.
- A campus of the University of Bedfordshire.
- Huge sport & entertainment centre – Xscape.
- Milton Keynes University Hospital: Big NHS general hospital with an accident and emergency unit.
- 90% of employees work in the service industries.
Xscape – a huge entertainment centre.
Because of its location and development, MK is appealing to multiple audiences.
Even similar audiences may need different types of accommodation. The academic body, for example, is varied. New students move into MK each term to attend the University of Bedfordshire – they are more likely to stay for more extended periods and rent an HMO. On the other hand, because this is not the main campus, many visiting lecturers may look for shorter-term accommodation such as SA units.
Also, because the MK economy is growing exponentially, new people are moving for work, and new flats are being built. This service requires contractors from all over England, who need accommodation in MK too. Sure, some people are working in central MK, but there are also workers from all of Europe in the nearest places, like power stations.
As we mentioned, big companies like Amazon have large warehouses located in MK. You might be asking how this affects property occupancy rate. We’ll tell you why: during the peak seasons and holidays, large warehouses hire numerous temporary workers. They will stay in MK for a determined period and need to rent a property.
Many of these big companies are also always looking for specialised and skilled staff to be part of their team or to assist temporarily with projects. Examples are construction companies such as Parkway Construction MK Limited and others, like M&S, Beeline Engineering Products Ltd, Ikea, John Lewis.
John Lewis – one of the warehouses in Milton Keynes.
What Is Happening Now?
With an extensive history of economic growth and innovation, MK continues expanding its housing stock, which is relatively affordable. And, as we mentioned, many key features make MK an attractive place to live and even form a family.
Now, it is definitely a super-intensive time for Milton Keynes in terms of the development. The market has continuously been changing and growing, creating more business opportunities. However, there is still a lot of town’s potential to be discovered.
Because of that, the government and contractor businesses are improving the already great town’s infrastructure in numerous ways. Notably, more buildings, hotels, houses and flats are being built, and companies are being developed even further, potentially leading to higher demand for skilled contractors and workers.
Hotel La Tour, which is due to open soon, will be the tallest building in the Milton Keynes City Centre.
Council Plans For The Future
Currently, MK produces £10.8 billion a year in output (GVA, December 2015) and has one of the most productive workforces in the country.
MK Council has been preparing an extensive economic development strategy to strengthen the town as a place of opportunities, with robust and inclusive economic growth that benefits residents and businesses.
During the study, the Council presents a Local Economic Assessment with strong evidence base from the Milton Keynes Futures 2050 Commission. With his and other assessments, people interested in living or investing in MK understand the scope of the town’s competitive economy, which is predicted to grow further even through the recession.
Currently, MK produces £10.8 billion a year in output (GVA, December 2015). It has also one of the most productive workforces in the country. So, suppose you are looking for a place to invest in the UK. In that case, you will not be surprised to find that MK is a safe choice because of its extensive contribution to the country’s economy.
If you’d like to know more about council and its plans, visit this page.
Property Investment In Milton Keynes
Yes, Milton Keynes is an excellent place to think in terms of property investment. Especially if you are considering establishing an HMO or SA business, as we mentioned before.
The tendency is that MK will grow more and more, attracting people to study and work. They, of course, will need a place to stay. Students are more likely to search for longer-term accommodation and shared facilities like HMOs. On the other hand, temporary workers may stay long or short-term. In the latter, they are likely to prefer a Serviced Accommodation, because it is more practical and cheaper than hotels.
If this article encouraged you to pursue an investment in Milton Keynes, you could contact us, and we can help you find the perfect place! We are a property management company dedicated to MK and other specific regions within the UK.