So, you’re taking the plunge and investing in a new build property.
A new build home in an up-and-coming area can make a shrewd investment. However, as with any property investment, the location is crucial to the success of the venture. While new builds come with a host of advantages, there are certain areas that are considered more lucrative in the new build market than others. New Home Finder explores the UK’s new build hotspots to keep your eye on in 2015.
With its stunning countryside and lively cities and towns, it’s hardly surprising Yorkshire is becoming an increasingly popular place to live, work and buy property.
In order to keep up with demand, York council has set out proposals for 20,000 new homes to be built over the next 15 years.
The extensive new build property plan coupled with the fact that average house price in Yorkshire are £139,775 and with regions in the county seeing annual rises of seven percent, it stands to reason that Yorkshire is a new build property hotspot.
With a vibrant culture, great shopping, convenient transport links, not to mention a beach, it is understandable why Brighton is one of the UK’s biggest property magnets.
In fact according to quantitative analysts Oxford Economics, Brighton will see one of the greatest rises in property prices in the UK by 2019, an incredible 40.6%.
Unsurprisingly, the developers are moving in and Brighton is seeing fantastic newly-built, stylish and eco-friendly developments being constructed. Such developments are providing great opportunities for investors and anyone wanting to live in this vibrant coastal town.
Manchester and its suburbs
Manchester has undergone extensive regeneration in recent years and is emerging as an exciting place to live and work.
Helped by major moves such as the BBC relocating to Media City in Salford and the expansion of the Metrolink tram service, new commuter hotspots are being created in Manchester’s surrounding districts and towns.
Consequently, developers have their eye on Manchester and its suburbs and there is now an excellent choice of new homes ranging from mews, townhouses, semi-detached and detached properties available.
According to a recent Hometrack House Price Cities Index, during 2014 the local property market in Manchester and its suburbs saw a 7.3% increase and the trend looks set to continue in 2015.
Notting Hill, West London
In London, property regeneration and new home developments are constantly creating new opportunities for investors and none more so than in West London.
While much of West London is notoriously expensive, Notting Hill – formerly Notting Dale – has for some time been lagging behind in terms of property prices.
Sitting between Ladbroke Grove and White City, this area of London was, for years, a deprived enclave. It wasn’t until the 1950s when W11 began to be developed with council flats built to replace many of the area’s slums.
Whilst nothing much happened after the 50s, recent years have seen a renewed interest in W11 from both developers and investors, with a flurry of new homes being built in the area.
For example, a project consisting of four high-quality new houses is soon to be launched in Walmer Road. Designed by British architect and academic Peter Salter, these ‘copper and concrete’ homes are grouped together in a courtyard and have terraces and rooftop ‘salons’.
Today, W11 is one of the swankiest of London postcodes and with many affordable new build developments being built, glamour and affordable new homes equates to one thing only – a great property investment.
Being well-connected to London, Luton looks on target to being one of Britain’s new build property hotspots. Oxford Economics forecasts Luton, a traditionally more affordable place to buy property in the South East, will enjoy a 41% rise in house prices by 2019.
Part of the Catalyst Housing initiative to provide property development and regeneration around the south east includes a new homes programme that will deliver up to 450 affordable and 150 private sale homes on various sites throughout Luton over a nine year period.
Wherever you choose to buy your next property, make sure you don’t forget to survey it.