The beauty of buying early in regeneration schemes
For savvy buyers, there is much to be said for choosing a home in an area undergoing regeneration, with all the potential it offers for increased facilities in the local community and of course, the potential for long-term financial gain.
By seeking out areas that are the subject of major investment, where local authorities are working in partnership with developers like Countryside to deliver improvements for the whole community, those looking to purchase a new home can reap rewards. Large-scale regeneration always factors in infrastructure and public transport improvements, and brings with it new community facilities, retail outlets, businesses and employment opportunities, enriching the local area and making it an attractive place to live and work. If you can get in early and buy a property off-plan, there is more value uplift to be gained.
A tailor-made community
Those who buy early into regeneration schemes aren’t just investing in a home, but in the transformation of the place and the connections it makes within other, more established areas. As well as building high quality new homes designed to suit the needs and lifestyles of local residents, regeneration schemes often focus on investing in the things that people value in their everyday lives, whether that is schools, sports facilities, green spaces or meeting places. These are all things that help build a community and create a place where people feel a real sense of belonging.
For example, at Brook Valley Gardens, the popular regeneration of the former Dollis Valley Estate in Barnet, North London, among a mix of one, two and three- bedroom apartments and homes, we have built a community centre, pre-school nursery, numerous green spaces and children’s play areas, all of which play their part in contributing to the new community and pre-existing surrounding community in which the new homes sit.
Likewise at New Avenue, the new regeneration scheme on the New Avenue Estate in Southgate, North London, which is being delivered in partnership with Enfield Council. As well as delivering new homes, Countryside will be creating a new dedicated community space which will be given to Enfield Council with the potential transformation into a new nursery or community centre building. Furthermore, current residents benefit from a central garden and play area, and once the development is complete, residents will have access to wide spacious streets, peaceful walkways and further landscaped open space.
More for your money
As residents begin moving in, and community facilities and amenities start opening, communities start to establish themselves and gain momentum, helping to create a buzz as areas in which people want to live, visit and spend time. Investing early on in a development’s lifecycle provides investors with a great opportunity to benefit from the evolution to come.
Homeowners at regeneration schemes stay for 13.4 years on average before they sell, about six months longer than second-hand home sellers, according to data from the estate agency, Hamptons. In that time (13.4 years), regeneration schemes in London experience 15 per cent more price growth compared with other new-builds that are not part of wider regeneration schemes.
These price uplifts are seen even in the early stages of regeneration schemes, with price rises evolving in line with the new facilities being delivered. For example, at Brook Valley Gardens, a three bedroom house in phase 3 of the development, has increased by 9.7% in just 5 years, compared to those houses sold in 2017 from the previous phase.