Home truths: 11 signs of regeneration
PUBLISHED: 09:52 18 April 2017 | UPDATED: 09:46 27 April 2017
What are the key indicators of an up-and-coming location? Matthew Craker of Fine and Country Brookmans Park outlines 11 signs that an area could be a smart place to buy
Spotting an up-and-coming area is every homeowner’s dream. But how do you find a town, village or city where your investment is likely to shoot up?
1. Independent businesses, like delis and boutiques, suggest that locals are willing to pay more to buy locally.
2. The next hotspot may be one or two stations away from current popular areas. This can be true with tubes, trains and even bus stops.
3. Big projects, like a new theatre, will bring lots of jobs to an area. Builders and contractors will move in initially, but it will also need long-term staff to run productions, leading to a long-term increase in demand for housing.
4. Initiatives that make centres more accessible make the surrounding towns and villages more appealing, so take a look at new roads and rail links. For example, the guided busway into Cambridge has made it more appealing to live in less-populated areas along the route.
5. Areas with lowering crime statistics can often be a sign of regeneration. The improving quality of life as crime lowers will make the area more attractive for buyers.
6. What does the local notice board look like? If it has community events set for the summer festival or craft fair, then there is likely to be a good atmosphere in the area. Even better – well-attended yearly events can be a sign that residents are remaining loyal to the area. It’s a good sign to snap up property quickly.
7. Those happy with where they live are most likely to make big home improvements, like adding a hefty extension to their home. So be sure to look out for builders. If there are a few happening in the same area, it shows locals want to stay put.
8. As well as the houses, look who is living in them. Growing numbers of under-40s can be a good indicator that an area is increasing in popularity.
9. Having facilities nearby is particularly important in cities, but it’s also crucial elsewhere. Is there a convenience store to pop to when the milk runs out? Having good pubs or restaurants in walking distance is desirable to avoid the need for a designated driver. Being able to walk to the train station is a big bonus. A good school, supermarket, shopping centre, cinema and more all within easy access will make sure all the most-used amenities are easily accessible.
10. Are there cranes lining the skyline? New buildings usually signify growth in an area. If apartment blocks are being built, then an influx of first and second-time buyers are likely to move in. If offices are increasing, professionals will be likely to relocate to the area, spending money on local services during their working hours.
11. When Starbucks and Waitrose move into the area, it means it is quickly becoming the next hotspot. Retailers research locations for their next branch extensively to ensure a large customer base. As soon as new openings are announced make your move before prices skyrocket over the following few years.