Boom times in the property and construction sectors look set to continue, as the number
of single-person households in the UK feeds further increases in the number of households in England.

New estimates from the Government indicate the number of households will grow by 223,000 a year for the next two decades, around 70 per cent of which will come from people choosing to live on their own. Around 60 per cent of the projected household growth is in the East, South East, South West and London.

‘Today’s projections forecast even faster growth in the number of households in England over the next 20 years than was previously predicted,’ comments David Stubbs, senior economist at the Royal Institution of Chartered Surveyors.

‘Renovation of existing buildings would help to meet this need and take the pressure off greenfield sites. If this challenge is not met, house prices will continue to be pushed upwards by tight market conditions, making accessing the housing market even more difficult for first-time buyers than it already is.’

The ongoing shortfall in housebuilding should support both house prices and share prices in the relevant sectors for a good while.