Why Invest in Milton Keynes?
Milton Keynes was created as a new town in the 1960s by combining Bletchley, Wolverton, Stony Stratford and small villages in Buckinghamshire. While some new towns aren’t that popular with property investors, Milton Keynes ought to be.
Milton Keynes currently has a population of around 300,000. The population has grown by 15% over the last 15 years and it’s still growing fast. Some estimates suggest Milton Keynes could be a city of 500,000 people within the next 30 years!
Milton Keynes has been ranked in the top five best places to live in the UK, in the latest Good Growth for Cities index from PwC and Demos. Milton Keynes scores highly on jobs, health, new business startups, income, skills and the environment.
Milton Keynes is also a hotspot for business. For close to a decade now, MK has featured as one of the best-performing places in the UK for job growth, earnings and other indicators of economic success.
The Milton Keynes economy is based on technology, finance, logistics and professional services, which provide lots of well-paid jobs. Milton Keynes is also located in the so-called ‘brain belt’, approximately halfway between Cambridge and Oxford. Big companies in Milton Keynes include Deloitte, PwC, Santander, Network Rail, the Volkswagen UK HQ and three John Lewis distribution centres.
Milton Keynes is also a university town, being the headquarters of the Open University. While most of the Open University’s students study off-campus, their staff and academics are based here. Student property landlords will still find opportunities in the area though, as Cranfield University and The University of Bedfordshire are nearby.
Milton Keynes property investors also need to know about the Government’s proposals for what is being called the CaMKOx Arc. There are massive, ambitious plans for developing the area between Cambridge, Milton Keynes and Oxford which could see several new towns, commercial development, a million new homes and up to 1.9 million more people living in the area by 2050.
Milton Keynes is famous for its roundabouts, with over 130 in the town. Almost all grid junctions are roundabouts, and the absence of traffic lights (from most) enables free and efficient movement of traffic.