Housing Market News And Views Which Areas Are Up & Coming?

Date Published:

13/02/2009

Which Areas Are On The Up?

Thanet, Kent
So, given that you have ready cash, or the ability to raise finance, where – if anywhere – might be a good place to invest your money later this year? Somewhere where prices are likely to increase? John Inglis of developers Explore Living, said: 'Look for areas where there are limited new developments and which are regarded as desirable residential locations which will generate growth. Hertford is one such example as is Saltdean, near Brighton.'
Inglis also selects the Thanet region of Kent. 'Pick out areas where there is current or planned infrastructure and strong corporate investment which will yield strong property values and growth. For example, the Thanet region will undergo major rail upgrades that will more than halve commuting time into Central London. Currently prices for homes in Ramsgate are very moderate compared to South East averages.'

Margate

In nearby Margate, developers Paigle Properties is redeveloping a former hospital, Royal Sea Bathing, on a 7.5-acre site 50m from the beach and North Sea. In total, 518 studio, one and two bedroom apartments either will be renovated or newly built on the site. Prices start from £99,000 for a studio apartment on phase two, Erasmus Court, the new build wing under construction. A two bedroom apartment can be let for around £525 per month.

Staying in the South East, Simon Wright, chief executive of house builder Simon Wright Homes, said: ‘The South East is traditionally economically stronger than the rest of the UK, and with the 2012 Olympics on the horizon, as well as the Thames Gateway and Ashford regeneration, which includes the high speed rail link between St Pancras, Ashford and the Kent coast from December 2009, London and the South East are still strong growth areas.'

Portsmouth

Looking further afield, Portsmouth has undergone a phenomenal metamorphosis in recent times. The city has been named tenth fastest-growing large city in the UK, ahead of Southampton, Brighton, Birmingham and Manchester. The city’s GVA (gross value added) had increased more than 73% in the past decade. A report by King Sturge highlights that sales are still being achieved, as long as they score highly on location, parking and affordability, on the south coast.

Gunwharf Quays is one such strategic South Coast development that offers the right combination of prime location and surrounding amenities. As well as its luxurious residential properties, Gunwharf Quays is one of the South Coast’s best shopping and leisure destinations. The development has completely regenerated this area of Portsmouth and put the city back on the map. Prices start at £155,000 for a studio, rising to £1.75million for a penthouse.

Hull

Heading north, Hull is one of the UK’s most economically and socially deprived cities, but it seems it is undergoing a long overdue renaissance. The city’s football team has been promoted to the premier league for the first time in its history, and house prices have increased by 1.5% in the past 12 months, according to Land Registry. The average house price is just over the £100,000 mark, which is a third cheaper than the UK average.

Hullinvestments.co.uk says housing stock is cheap in Hull, and if you know where to look you can get excellent investment properties for as little as £60,000, offering up to 10% yield. At present the best deals are to be had in east Hull, but prices are rising fast and foreign investors have spotted the opportunity the city offers. In particular, there are lots of new council properties coming on the market that make excellent investments.

For More On Spotting A Bargain

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