Positive Impact on House Prices
Even with low interest rates that make borrowing favorable it is certainly getting harder than ever for first time buyers to get on the property ladder. Having said this, as a home owner you want to see the value of your property increase. By identifying factors that are likely to lead to the rise in local property prices, you stand the best chance of making a wise investment.
With Rio in the spotlight, it is a good time to note the positive impact that the London 2012 Olympics has had on the residential property markets in areas that hosted events. Areas in close proximfity to the stadiums in Cardiff, Greenwich, Manchester and Newcastle have all seen price increases since 2012 that are greater than their neighbours in the same local authority areas.
Stratford, home to the Olympic Park underwent a considerable regeneration in preparation for hosting the games. This legacy continues, with new state of the art developments, an increase in tourists, house buyers and investors. The largest gains have been seen in Wembley, where a regeneration project was also underway prior to the Olympics and the long term benefits of creating a desirable community are really paying off.
We may not host another Olympics, but investment in sports and community facilities for other major international tournaments can have a similar positive impact on house prices.
As in the case of Wembley and Stratford, areas where the Council have committed considerable investment in regeneration projects are seen as up and coming. A full list of the latest regeneration projects can be found on the Government website, but they include a £100m project in Barnsley, £300m for the Worcester Growth Corridor and £338m Heart of Slough regeneration projects.
Investment in Infrastructure
Other major infrastructure projects can also result in greater demand, higher levels of investment and growing property prices. Although the Crossrail project is far from completion, towns including Slough, that lie along its route have already benefitted from heightened interest in property. The same effect is likely to be seen when work on HS2 and the expansion of Gatwick, Heathrow or Stanstead airport commences.
Convenience, opportunity and necessity mean that people always want to live in areas where employment is high. People are often drawn to an area because it is renowned for the industry they want to work in, or because they have secured a job in that town.
Slough has attracted many international corporations to set up headquarters on one of the many trading estates. There are currently around 4,600 businesses in the town, providing in the region of 87,000 jobs and providing salaries above the national average. It is no wonder that house prices are on the up.
Foreign buyers are looking for sound investments and they rely on leading business analysts, labour market information and insider trends to select where to buy. The interest of foreign buyers in an area is a good indicator that prices are likely to rise.
Outside of London, Manchester and Slough have the highest number of properties owned by companies registered abroad. In Slough, the proximity to London and Heathrow Airport is a contributing factor, along with the number of international companies with commercial property on the trading estates.
Move to Slough
When you consider the credentials, Slough has all the positive indicators of growth. If it is time you signed up with a local estate agent, Slough and surrounding areas are served by Flatmans. What are you waiting for?