Spotting an up-and-coming area is every homeowners’ dream. But how do you find a town, village or city where prices will increase?
Lee Armstrong from Fine & Country Derby looks at some of the familiar signs that might just show it’s time to buy in these locations.
Independent businesses, like delis and boutiques, suggest that locals are willing to pay more to buy locally.
Take a look at one or two stations away from current popular areas to spot the next hotspot. This can be true with tubes, trains and even bus stops.
New 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.
Ways 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.
Areas with lowering crime statistics can often be a sign of regeneration. The improving quality of life as the amount of crime lowers will make the area more attractive for buyers.
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.
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 that locals are happy where they are.
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.
Facilities within walking distance is particularly important in cities, but it is also crucial elsewhere. Being able to walk to the train station is a bonus, or is there a convenience store to pop out to when the milk runs out? Having a pub or restaurant within walking distance is desirable to avoid needed a designated driver on every evening out.
There needs to be a good-quality school, supermarket, shopping centre, cinema, and more all within easy access to make sure all the most-used amenities are easily accessible.
Are there cranes lining the skyline? New buildings usually signify growth in the area. If apartment blocks are being built, then an influx of first and second time buyers are likely to move to the area. If offices are increasing, professionals will be likely to relocate to the area, spending money on local services during their working hours.
When Starbucks and Waitrose move into the area, it means that it is quickly becoming the next hotspot. Retailers research locations for their next branch extensively and ensure that they will have a large customer base when they move to the area. As soon as new openings are announced, move before prices skyrocket over the following few years.
For advice on selling or buying property, please contact Lee at Fine & Country Derby on 07496 710557 or visit www.fineandcountry.com