Research by Warwick Estates reveals that the UK’s property management services industry is on track to have a market value of more than £30 billion by 2025 as a pandemic slump makes way for consecutive years of steady growth.
The property management services industry covers all businesses that provide third-party or outsourced services to oversee the management and maintenance of property, as well as tenant relations, on behalf of owners or landlords.
Today, the industry is made up of 22,245 businesses employing 309,172 members of staff, combining to generate a market value of £27.7 billion.
This value represents an increase of 5.3% since last year but still isn’t enough to bring market value back to where it was prior to the pandemic.
The current market remains -4.9% down on 2019 when its value peaked at £29.1 billion, but there needn’t be too much cause for concern because today’s value is still 26.8% higher than it was a decade ago.
Furthermore, projected figures suggest that 2022’s start towards post-pandemic recovery is paving the way for at least three years of continuous market growth culminating in 2025 when the property management services industry is expected to be worth £30.4 billion; a 9.8% increase on today’s value.
If this comes to fruition, it will mean that the market reaches a higher value that at any other point in the past decade, including its pre-pandemic peak of 2019.