Homebuyers and investors stand to gain by identifying a town with potential, as buying in these areas can result in capital appreciation and an improved quality of life.
A wide range of factors - including new housing developments, improvements to transport infrastructure, new leisure facilities and the arrival of businesses offering employment opportunities - contribute to the prospects of a town and help to mark it out as one that is worth investing in.
Kevin Shaw, national sales director at property specialist Leaders, has picked out five UK property hotspots for 2016, with all of the areas able to look forward to a bright future for various reasons.
“It is impossible to predict the future, but by buying a property in a town with big plans for the future you could benefit from a home that is worth considerably more than you paid for it once important developments have been completed,” he says.
“House prices are going up across the UK and some areas may now be unaffordable to many, so getting value from the market and buying with one eye on the future is a must.”
Leaders’ top five property hotspots for 2016 are:
5) Haywards Heath
Semi-detached house: £377,000
A £35 million redevelopment of Haywards Heath station is currently taking place and will establish the West Sussex town as one of the most popular commuter spots in the south-east. Train services connect Haywards Heath with London in less than 45 minutes and Brighton in just 15 minutes. As London prices continue to rise, Haywards Heath should become even more popular.
Semi-detached house: £172,000
A number of developments in the city centre, as well as the regeneration of Salford Quays with the arrival of Media City and new employment opportunities, have made Manchester a highly attractive place to be. Plenty more projects are planned - including the iconic Cyber Quay complex with a prime canal-side location - in anticipation of Manchester’s popularity continuing to rise over the next five years.
Semi-detached house: £240,000
Major redevelopment of central Southampton continues, transforming the city into a modern and vibrant business and leisure hub. Projects already underway include the construction of new residential property at Guildhall Square, Station Quarter and Ocean Village, while West Quay shopping centre is being expanded. Southampton Solent University is also investing in new facilities, so there is plenty to draw people to the city in 2016 and beyond.
Semi-detached house: £378,000
One of the UK’s most comprehensive redevelopment schemes is taking place in Redhill right now. The second phase of a wide-ranging project that includes the arrival of a new supermarket, hotel and gym is underway. Some 76 new flats are being built in the former Liquid & Envy building. There has also been an overhaul of shopping areas, including the creation of new pedestrianised zones. These developments - and many more - are expected to give Redhill a fresh and contemporary feel and bring many more people to it over the coming years.
Semi-detached house: £342,000
A £240 million regeneration of Bracknell is set to be completed by spring 2017, breathing new life into the Berkshire town. Flagship stores such as H&M and Marks and Spencer are coming to the area, as well as a new Cineworld complex and various restaurants. A number of housing developments have been completed in the last two years and many more are in the pipeline. With easy access to Reading and a one-hour rail link to London, Bracknell is one of the UK’s most buoyant markets and buying there now is a shrewd option.
For advice you can trust on buying or selling a property please contact your local Leaders branch.
*All average property prices taken from Zoopla, 15/01/2016