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The Economy Property Market The county of Buckinghamshire, where High Wycombe resides, has a strong economy with over 31,800 businesses and a GVA of £15.5Bn (2017). At £55,000 per head, the economic output of the working age population is 12% higher than the UK national average reflecting its expertly skilled, robust workforce. The county has a very low unemployment rate (3.9%) with the number of residents educated to degree level (48%) significantly outstripping the Great Britain average of 39%. This is no surprise as it is demographically comprised of a high proportion of well-paid directors, senior managers and professionals (57% relative to 45% for the UK).

Buckinghamshire stands on the cusp of a growth programme, which will likely see in the region of 50,000 new homes created between now and 2033. In addition, a significant number of national infrastructure schemes are forecast to impact on the locality. These most notably include the HS2, Crossrail, the Oxford to Cambridge Expressway, East West Rail and the Heathrow Airport. Experian forecasts suggest that Buckinghamshire s population will grow by 14.8% between 2013 and 2033, ranking High Wycombe the 12th fastest growing LEP area in the country. (www.BTVLEP.co.uk)

High Wycombe s nominal GVA in 2018 was £5.848 bn growing 1.8% in 2019. It is forecast to contract by 6.5% in 2020 due to the pandemic but make a swift recovery to a growth rate of 4.4% in 2021. High Wycombe s economy is still in better stead than the overarching South East region which is set to experience an average contraction of 7.4% in 2020 and a growth of 4.2% in 2021. (SDG Economic Development 2017)

Wycombe aims to become a £7 billion gross value added (GVA) economy by 2027. There are nine business parks in the area attracting major companies. Notable tenants include Johnson & Johnson, Hyundai, Softcat, Ercol and Dreams as well as over 9,000 local businesses. Taylor Wimpey, one of the largest property developers in the UK, is headquartered in High Wycombe and employs over 5000 people nationally. In 2019 the company had a total revenue of £4.34 bn.

With soaring living costs and property prices, Londoners are making serious lifestyle changes, particularly post COVID-19. In recent years, this has put pressure on the housing supply in commuter towns as Londoners migrate for a better standard of living. The High Wycombe town plan anticipates a need for 10,900 additional homes over the next 15-year period -an anticipated 25% increase on current rates of housing starts and completions. If the present development rate continues there will be a significant shortfall of housing to meet the growing demand in the near future. Land supply, however, is constrained by the green belt as well as the topography of the district. House Prices in London s commuter belt areas continue to rise providing huge potential for capital growth. According to research the average cost of a property in London s traditional inner commuter belt (in towns such as Woking, Sevenoaks and St Albans) has rocketed 313% over the past 20 years. During the same period, the outer London commuter belt area has increased by a marginal 9.7% (FT Adviser, 2018). High Wycombe house prices saw an increase of 5% p.a. to 2018 and a combined 20% growth from 2015 when property prices averaged at £286,297. (Rightmove, April 2018)

ECONOMY ECONOMY