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Regenerated areas to top hotspot table for 2007

10th January 2007 | back to article listings BACK    print this article PRINT

Four areas in the UK undergoing regeneration will be the top property hotspots over the next 12 months, according to a leading expert in the housing trade.

London, Kent, Liverpool and Rochdale are like to see above average house price growth for their regions in 2007, claims a spokesman for property website Whathouse.co.uk.

After the successful Olympic bid last year, investors have been keeping a keen eye on east London in particular, where the games will be held in 2012. Property in that quarter of the city is currently among the cheapest in the capital but with millions of pounds of investment planned for the area, housing is likely to come into high demand.

Hackney is a key site due to "investment in infrastructure, particularly in the run-up to the Olympics", according to the property site, as well as Cricklewood and Brent Cross, where £4 billion worth of urban development is planned.

Kings Cross is also tipped for strong growth this year due to the opening of the new Eurostar terminal.

Meanwhile, Kent is also set for a property boom in the coming months as a result of investment in infrastructure providing better links with London.

"Run-down Georgian townhouses in Gravesend would be ideal for investing in," explained Yolande Barnes of Savills Research.

She added: "Folkestone is set to be regenerated and will benefit hugely from a high-speed commuter link.

"Canterbury will not benefit quite so much time-wise, but will become commutable and therefore a hugely desirable place to live in, and so will see big residential property price rises."

Further north, Whathouse finds a number of major regeneration projects in Liverpool make it ripe for investment, ahead of its status as European Capital of Culture 2008.

Outside of the south-east, Liverpool will emerge as an unlikely property hotspot, claims Whathouse, as it spends money on essential services on the run up to its billing as European Capital of Culture 2008.

"The local economy is expected to benefit from further investment this year," explained the firm's spokesperson.

"Average property prices in the city rose by 9.5 per cent over the past year and currently cost just over £126,000, according to the Land Registry."

In addition, money for regeneration in Rochdale has led to building of over 3,500 new homes in the city and its neighbour Oldham, under the government's program to provide more low-cost housing.

Some surveys put Rochdale's growth for 2006 at around nine per cent, putting it on par with some parts of London.

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