How to Spot An Up And Coming Area
With prices through the roof in recent years, spotting an area yet to achieve its full potential could be the key to moving further up the property ladder than you think you can afford. Here are some ways to give yourself the edge and hopefully spot the trend before the rest of the world does.
1. Good Schools
Keep an eye on Ofsted reports that review state schools. Remember that good schools can become bad and bad schools can become good so monitor carefully. Parents will be willing to pay the price to get their kids into a good state school by moving to the catchment area.
If you are in a city area a good state school can be an alternative to going private and can save a family with say three children up to £4,000 or so a month, all money that can be spent on a mortgage for the new home.
2. New Employer
Keep an eye on local news to see if a large employer is looking to move to the area, or an existing employer recruiting more staff. They will have to live somewhere and many of the new recruits will look to buy – driving up prices – or let pushing up rents which in turn attract investors who will drive up the local price.
3. Shortage Of Property
This particularly affects coastal areas where land is scarce, because let’s face it, the sea cannot easily be built on and also areas surrounded by green belt or with strict planning controls. This will restrict development, create a shortage, and due to the old law of supply and demand should in time drive up prices.
4. Changes In Taste
Taste and fashion changes over time and this affects housing just as much as the type of cars that we drive or clothes that we wear. Twenty or thirty years ago most people don’t want a Victorian house; too cold and drafty and probably riddled with rising damp.
However, people now appreciate the larger rooms, bay windows and high ceilings, and these have become popular once again. The same applied a little while later to the 1930’s style.
Overlooked for many years with their modern and sometimes brutal design features. Now with the ever increasing interest in Art Deco, 30’s houses are at last reaching their potential.
Will the passion for retro soon lead an increase premium for 1970’s or even 1980’s houses with bright young things looking to put back the original features such as Yorkstone fireplaces, Artex ceilings and avocado bathroom suits?
Well, not just yet but it may yet happen and will of course increase prices.
Do you have any thoughts on what might be the next new thing to increase property values in your own area? If you do, let us know and we’ll happily share. Just make sure you already own your property before everyone jumps on the band wagon!
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