By Urban regeneration projects up and down the country are playing a crucial role in transforming previously overlooked towns and boosting demand for property.
According to leading UK property developer SevenCapital, this is no different for the South East, where key locations are set to reap the rewards of significant investment whilst offering an attractive alternative to the rising cost of London living.
Urban regeneration has long been a catalyst for bringing new life to quiet towns up and down the country, with towns across the South East currently experiencing a significant amount of investment as demand for property bordering the capital increases.
Research previously carried out by CBRE revealed that prices of homes within 750m of a regeneration zone grow on average 3.6% per year – 1.5% higher than the wider local authority area average.
With the current property boom, this figure could now be even higher as homebuyers increasingly look to outer city locations to get on to or move up the ladder.
Regularly touted as two of the best commuter towns near London, Slough and Bracknell are just two destinations that demonstrate the power of urban regeneration in helping to position towns within the Commuter Belt as exciting alternative locations to the capital.
With a 20-year regeneration programme which has seen £770 million worth of investment ploughed into the commuter town, Bracknell is arguably one of the most successful and extensive urban regeneration projects across the South East.
With £240 million solely dedicated to The Lexicon Shopping Centre, Bracknell’s newly revitalised retail, leisure and hospitality offering has brought desirable brands to the town, as well as infrastructure enhancements and additional parking.
The town’s transformation has seen its popularity skyrocket in recent years, with nearby Reading and Windsor now increasingly overlooked by Bracknell locals who have quick and easy access to everything they need on their doorstep.
Within just one year of The Lexicon opening, the town centre saw over 16 million customers enjoy all that it has to offer, with data from footfall analytics company, Huq highlighting that, following Covid lockdowns and the reopening of non-essentials shops, Bracknell was one of the top three busiest towns for footfall in the UK.
This flourishing commuter town is set to benefit further from brand new leisure and shopping quarter, The Deck, which is geared up to launch in 2023, as well as further development plans outlined in Bracknell Forest Council’s ‘2032 Vision’.
These factors will undoubtedly satisfy the rising demand from homebuyers looking for an attractive outer-city location which delivers on commutability and desirability in equal measure.
Meanwhile, a major driving force in putting Slough on the map is the launch of Crossrail’s ‘Elizabeth Line’.
With London Paddington now just 13 minutes away, and the Elizabeth Line providing door-to-door access to key London employment hubs such as Liverpool Street and Canary Wharf in under an hour, Slough is effectively an extension to London, with an estimated 46% of homes reportedly let to those leaving the capital.
Because of this, it is fast becoming one of the best London commuter towns, having been also been voted the best place to live and work by Glassdoor.
Slough has been further transformed by over £450 million investment including the development of The Curve, Slough’s iconic multipurpose facility and cultural hub which is located just a stone’s throw away from the main high street.
Home to a library and gallery, Slough Museum, community learning spaces and computer suites, as well as an exhibition space and a performance venue, The Curve has quickly become a popular leisure hotspot for the town.
The development of Slough’s town centre continues with plans proposed for the regeneration of the high street, including a complete replacement of the Queensmere Observatory shopping centre and an additional investment of £3 billion from the Slough Urban Renewal project.
Popular amongst working professionals looking for property which gives the tranquillity of outer city living, whilst still providing unrivalled access to key areas of London, both Bracknell and Slough are set to capitalise on the perks of local regeneration – offering the perfect opportunity for homebuyers and investors to get ahead of the curve and purchase in these up and coming locations.
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