As more and more young professionals and students head toward the city centres, the demand for luxury, affordable accommodation is higher than it has ever been. Investors are inundated with potential tenants as soon as new developments are made available, with demand far outstripping supply, even with new builds and developments being erected at an ever-quickening pace.
It is a self-perpetuating cycle. Rejuvenation and regeneration has attracted more young professionals and students, both key demographics for job and salary figures, who in turn make the city centres they are moving to more attractive and wealthier places to live. Without these two important social groups, UK city centres may not have experienced such rapid and prosperous growth.
In the present day, the numbers of 20 to 29-year-olds living and working in UK city centres grew so expeditiously that this demographic accounted for more than half of leading city centre locations in the UK. The momentum from this decrease of the average age in rapidly growing city centre populations has been tremendous. To cater to this younger, wealthier, more upwardly mobile and ambitious crowd, the economy has provided. Following in the wake of this avalanche of migration back to the heart of the matter, a slew of new commercial enterprises, gyms and bars and restaurants have sprung up.
Living and working in the city centre is no longer the unappealing, polluted, low-quality experience it was two or three decades ago. The swell of city centre populations across the UK and the resultant growth in more luxurious amenities, high-end luxury accommodation and the convenience of having the centre of your own personal universe on your doorstep far outweigh any downsides. Expect these trends to continue for a long while yet.