As residential property ‘buying agents’ and a property consultancy business that acts and advises clients wishing to rent properties in the UK, we are often asked about the best locations and places to buy and rent; equally, how we predict up-and-coming areas to invest and live in?
We have identified ten ways to help identify an up-and-coming area for property house inflation, house price growth. So, if when assessing areas to live and some of the following criteria tick that box, there is a fair chance that the village, town, and city is worthy of further consideration.
Transport and infrastructure…
Transportation and accessibility are one of the biggest factors that draws in buyers and renters of any age. Look for areas that have plans to improve local transport as this highlight’s potential regeneration and opportunities for growth.
Independent retailers…
With retailers closing and high street shops empty, a good sign is if independent retailers are opening up in their place. Successful independent businesses, like delicatessens, florists, coffee shops and boutiques, suggest a more affluent area where locals are willing to pay more to buy locally.
Infrastructure of facilities, resources, good transportation links and services!
As well as independent retailers, areas that have a good access to a range of amenities services and excellent transportation links usually within a five-to-ten-mile radius, are likely to become fashionable places to live. Good access to major road networks or train lines/stations and other conveniences such as doctor’s surgeries, hospitals, dentists, a local convenience store and fuel stations are all important.
Technology…
Broadband, mobile and TV services Technology has become one of the most critical requirements for people when choosing an area to live. With more people working from home linked to a lifestyle, superfast broadband with a strong and stable connection is key. This, linked to good customer service when things go wrong, combined with good value for money has become paramount.
Extensions and home improvements…
If owners of properties are undertaking renovations, extensions, and home improvements, it’s likely that the residents are happy with where they live and/or are willing to invest in their properties. This would indicate that residents wish to stay in the area, and therefore the demand will increase, or they have identified an opportunity to profit from renovations during a buoyant market.
Crime statistics…
Local crime statistics have become far more available via property websites, it is much easier to identify areas with lowering crime rates, a sign of regeneration and a safer environment will make the area more desirable for buyers.
Large infrastructure projects…
If there is evidence that developments and building works such as cranes lining the sky, it could possibly indicate growth in the area and increase demand for housing. A positive indicator is if the local council is investing in the area, it is likely to be followed by increased desirability.
Young parents/people and children…
Age demographic is a key factor in determining the areas which will realise the most growth. Places that have a high population of younger people will inevitably experience house price growth in a relatively short space of time. Young professionals will require closeness to local independent retailers and transport links which will encourage more local business owners to the area. Subsequently, areas will experience regeneration to meet the needs of the younger market and what were fewer desirable areas will transform into urban hotspots in response to heightened demand from younger people with disposable income.
Schooling and education….
‘Outstanding performing’ schools according to Ofsted, is for many young parents, the sole reason for selecting an area to move to. Many local primary state schools have oversubscribed waiting lists as the area and school is popular to live in. Always a positive sign particularly if young people are moving into areas from larger cities.
Employment opportunities…
When companies choose to move to new locations or an existing employer is recruiting more staff this will attract new employment opportunities; sometimes from outside of the area.
Demand for property may mean supply shortages which will have an effect and potentially drive-up property prices and a more buoyant property market equals property inflation.
Review and Summary…
Relocating a business of whatever size is an expensive, costly option and a decision that is never made likely and without ‘due diligence’. So, when businesses and companies choose to relocate and move into a new geographical area, they will certainly have carried out extensive research, including market trends, public transport plans, jobs availability, considered the local residential property market and local regeneration plans before making the decision to relocate and move.
Read our blog on up and coming locations to find out more.
Let us help you find your perfect property, we often know about unique finds before they are on the market and can help you be one step ahead of the competition. Call Nigel Sellers 01962 793 100 or email enquiries@premier-propertysearch.co.uk
