The City of London and its surrounding Boroughs have been seeing its fair share of regeneration schemes and projects over the last decade.
The regeneration of East London is the most high-profile case as London hosted the Summer Olympics in 2012 but by the end of 2018, there were 118 estates that were marked for or already undergoing regeneration across London.
Many estates beyond proper repair will be replaced with brand new housing which not only improves the quality of the housing but promises greater numbers of houses in the same space. A report from Savills back in 2016 predicted new housing could increase capacity by up to 73%. This represents a fantastic opportunity for aspiring property developers.
Mayor of London Sadiq Khan made it a requirement for residents to approve regeneration schemes via a ballot and these have been voted in favour of regeneration on plenty of occasions.
Not only can the residents of previous estates be rehomed, but the increased property capacity also opens the market up to buyers interested in London property as well. Top 5 buying land tips.
Being brand new buildings, there won’t be a mass of ‘fixer-upper’ properties on the market which can be a niche audience.
There won’t be a need to modernise housing materials or pipes or any other utilities which can be an unexpected cost for those who buy a house.
It is not just houses being replaced with more houses, derelict and abandoned property and land are making way for housing, community facilities and retail space too across London. This is making the most of unused space in the capital without the need to encroach on London’s greenbelt. Should you invest in London?
Boroughs south of the River Thames haven’t always received glowing recommendations and seem unloved but there are signs that the reputation of these Boroughs are improving. Take Westfield’s intention to build a shopping centre in Croydon as a good sign of that, following on from the inception of BoxPark which is now in Croydon as well as the trendier Shoreditch.
Bromley appears to be following that trend, attracting the attention of potential buyers in the process. There are a number of London hotspots. North of the river, Hayes, Acton and Walthamstow have been a source of particular interest in the property market.
Transport links to stations in the City of London have become more important with an increased number of people choosing public transport over driving into London to avoid the congestion charge and long queues. These areas that can boast good transport links or upcoming developments to improve transport links have seen increased interest and value in the property market.
With 250,000 Londoners on the property waiting list and a predicted population rise in London of around 12%, there is a constant need for new housing and for the houses and surrounding areas to have more appeal to buyers.
Standard Occupational Classifications are given to provide a social grade for households to show the kind of professions property owners works in.
These grades are Major Group 1-3 (managers and senior officials), Major Group 4-5 (clerical, administrative junior roles, Major Group 6-7 (Care and leisure industry) and Major Group 8-9 (manual labour).
The professional make-up of each area can tell you what kind of people are buying a property and will give an indication as to the type of money they have available to them.
The previously unfancied or unloved parts of London have become more attractive as people flock to London from all over the country without having to deal with the hustle and bustle of the City of London living.
Once regeneration schemes are completed, these areas can expect to see a big increase in house prices. Read more Hunter Insights.