New demand for property investment in Luton after official figures have highlighted Luton’s expanding population, with particularly strong growth in the number of young people who call this burgeoning Bedfordshire town their home.
According to the latest data from Luton Borough Council for 2016, the total population of Luton exceeds 216,000 – rising by approximately 2,100 between 2015 and 2016, and by more than 11,000 since 2012.
It means the population of the town has grown by 5.3 per cent during the four-year period. This represents significant growth that is now being driven by Luton’s rising status as a chief commuter hub for workers travelling into London.
Property investment in Luton
Overall, population growth in the area is moving at a rate exceeding the UK’s national average at present (3.1 per cent), with the proportion of young people living and working in the town now higher than ever before.
Indeed, the number of Luton residents in the age ranges of 25 to 29 and 30 to 34 grew by 8.4 and 8.9 respectively in 2016 – comfortably ahead of the UK’s national average for these demographics at 6.9 and 6.7 per cent.
This is potentially great news for investors in the area, as this is precisely the group that will be looking to move into new homes across Luton and the surrounding area, with an associated strengthening of demand for new-build and rental properties as a result.
Is Luton a good place to buy property?
Given the town’s higher than average population growth in the key demographic for renting, now is a great time to enter buy-to-let property in Luton.
A major redevelopment of London Luton Airport and improving economic prospects through the setting up of new businesses across the town is helping to create more new jobs in the area, which in turn is further adding attractiveness for people moving into Luton at present. What’s more, the Luton investment framework, which is in place over the next 20 years, is set to bring an additional 18,500 jobs to the market.
Indeed, the council’s latest figures show how both natural change and international migration are contributing to the increasing population of Luton, with investors in the area therefore well positioned to achieve the best possible returns on their outlay in the years ahead.
Luton property prices are also below the national average making it a property investment hotspot for buy-to-let investors.
Contact Experience Invest for more information about entering a property investment in Luton.
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