The Fastest Growing Property Hotspots – August 2021
New studies have emerged with analysis of over 600 areas across the UK, taking into consideration factors such as house price increases, search engine results and market research, to assess the most popular locations sought by investors and property-hunters. In today’s article we will focus on the top 5 growth hotspots in England.
Wallasey and Liverpool, Merseyside
Wallasey is a village within the metropolitan borough of Wirral, in the county of Merseyside, England. Property developers and estate agents are noticing increasing interest from house buyers and investors in areas such as Wallasey and Liverpool.
Some of the most expensive houses sold in Merseyside reside in Wirral, Sefton and south Liverpool. One of the most recent and expensive properties, a detached house in Wirral, sold for an impressive £2,250,000 on July 29th 2021. According to Rightmove (2021), the average asking price for houses in Wallasey sat at £176,707 in March 2021, which shows an annual increase of 15.6% from the prior year – roughly under £24,000 higher than a year ago.In comparison, properties within the city centre are currently some of the least expensive properties on the market, attracting property investors and prospective buyers due to its prime location couPed with affordability.
The recent property boom and spike in interest can be attributed to recent regeneration projects such as Liverpool’s stunning £14 billion regeneration project, which includes plans to deliver over 10,000 new homes alongside a cruise terminal, film and TV hub. This new renaissance led project aims to renovate over £250m of road infrastructure with an additional 2 million sq ft of commercial office space.
Further plans include projects for Liverpool FCs new main stand development, Kings dock area and the proposal for a new stadium for Everton FC. This amazing regeneration project will create a wealth of opportunities including increased amenities for residents and tourists, in addition to a sharp increase in job opportunities to help boost the overall economy.
With the addition of these new projects, Liverpool and other cities and boroughs within Merseyside are on the path to become some of the biggest property hotspots attracting buyers from all over the UK.
Penzance, a civil parish and port in the Penwith district of Cornwall is also one of the most upcoming property hotspots within England, with a striking 12.5% increase in asking prices since last year. The average asking price was reported to be £280,102 in March 2021 and is set to keep increasing alongside market trends with its overall popularity for home seekers.
The town is set to undergo a £10.4 million investment following a successful Cornwall Council bid to the Governments Future High Street Fund. The new revitalisation proposals will help to redevelop the town’s housing, workspace and vacant high-street properties, with future plans to expand and build an all new creative industries hub in the centre of town.
Cornelius Olivier, Cornwall Councillor for Penzance Central commentated on how the plans will help strengthen and diversify the economy, helping the town of Penzance to rely less on seasonal visitors while meeting housing need demands.
It’s no surprise that more people are noticing the potential of the town and looking to relocate to Penzance, consequentially contributing to its booming property market.
Wigan, Greater Manchester
Greater Manchester’s town Wigan is due to be one of the biggest and unrivalled property locations within the market due to the extreme transformation the town is undergoing. Wigan has already seen an amazing 11.57% growth in asking prices since last year, equating to an increase of nearly £20,000. The average asking price is currently £175,202, which has scaled up incredibly from last year’s price of £157,031.
Prices are set to increase following the commencement of regeneration projects, such as Wigan’s £130m town centre revitalisation, with proposed plans to redevelop and modernise the area, injecting it with a breathe of vitality into what was once renowned for its Galleries shopping centre – a shopping complex divided into three sections originally created by combining three independent schemes.
This £130m regeneration plan will completely transform the town of Wigan and benefit the wider borough within the next 5 years. Proposals for the plan include a hotel, a six-screen cinema, music and e-sports venues, a 10-lane bowling alley, a mini-golf centre, evening entertainment amenities and a plethora of restaurants and bars. The site boasts 440,000 sq ft space to accommodate 464 new homes with the addition of a new market hall, small office spaces, co-working spaces and a re-animated Makinson Arcade.
This stunning regeneration project has further plans to build a public square with luxury landscaping to include an additional 460 car parking spaces. This amazing regeneration project will create a wealth of job opportunities including a projected 475 construction roles and an additional 190 jobs created upon completion of the redevelopment.
The city of Manchester has plans to further revitalise the town helping to boost the overall economy and quality of life for its residents and tourists, enabling it to flourish as a buy-to-let hotspot and prime location for home-seekers and property investors.
Wednesbury, West Midlands
Residing within a large market town within the county of West Midlands, Wednesbury is on the rise and has been identified as one of the top property hotspots for growth in England. The town has seen an incredible 12.2% growth in asking prices since its prior year – with asking prices in excess of £172,753.
Significant regeneration plans are underway in the town of Wednesbury, including restoration of transportation links, town centre and residential developments. Further projects aim to deliver improvements to shop fronts, public realm and social and cultural programme activities within the town. “Alongside this, there is the development of residential sites within Friar Park; following the completion of Carisbrooke Crescent housing site in June 2019, 2020 sees the initial developments of the Carrington Road area and plans for 750 new homes on Friar Park Road.” (Sandwell Council, 2021).
Awarded with an £8M regeneration fund, Wednesbury is set to experience increased foot traffic, higher quality of life for its residents and visitors alongside increasing house prices, offering a lucrative investment opportunity for property investors and home buyers.
Birmingham City Centre
As the demand for Birmingham city centre housing continues to increase, we are seeing buyers gravitate towards properties that are not only impressive but also offer high ROI yields.
Birmingham is one of the biggest property hotspot locations and is set to see a 24% growth in rental and property prices over the next 5 years.
The average asking price for semi-detached properties in Birmingham boast a 10%+ growth compared to the previous year, increasing from £263,194 to £289,528 in a year – a growth of nearly £20,000.
With the onset of redevelopment projects and increasing property demands within the city centre, Birmingham’s asking prices are on course to increase in the coming years, improving profitability of the city’s property market while providing a boost to the overall economy. Buy- to- lets and serviced accommodation properties are proving to be one of the most popular trends within Birmingham’s property market in recent months.
Now more than ever, property investors and developers are looking to take advantage of the substantial ROI resulting from the upcoming regeneration projects by expanding their investment portfolio before inevitable price increases occur. Now would be a prime time to be an early investor in this area before the market becomes increasingly competitive and saturated.
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