How To Spot The Perfect Postcode
Location is arguably the most important aspect to consider when buying a house, a great location will remain an asset even if the market changes. You can buy a house and make renovations to create your dream home but one thing you can never change is the location.
It’s fairly easy to identify established areas by just looking at local house prices. However, what about the up and coming areas? how do we know where will be the next “hot spot”? There are a few simple things that will help you pick out the perfect location for your new home ahead of the crowds.
A strange one to consider is the age of the people that are drawn to an area.
The twenty/thirty something’s are often the ones to lead the way. These young professionals are consistently out priced of well-established and developed neighbourhoods and therefore look at creating new ones. Once the younger demographic moves in, this naturally attracts new business’s and retailers, creating regeneration.
Research into planning is critical to finding these new hot spots.
Are there any new plans for investment into transport infrastructure such as new train stations or motorway links? Maybe a major new business is coming to the area, who will have already done a lot of investigative work to ensure there is sufficient labour, supply and demand, transport links and amenities etc. An obvious great sign too is if the local authority are proposing funding for a regeneration project, but be mindful that as soon as this is confirmed the demand will grow very quickly.
Another positive indicator of a potential property hot spot is the number of independent retailers locally.
These can range from specialised boutiques to florists and high-quality baristas type coffee shops. The reason for this is that if people are willing to pay more for local individualistic services, they usually have a higher disposable income. The standard of retailers is also an important factor, if you are lucky enough to purchase a house where a Waitrose has planning permission chances are, you’re already ahead of the game.
If current homeowners are extending and renovating their homes this can be very encouraging.
It shows people are investing and are happy with plans to either stay long term or maybe they already know the area is on the up and are wanting to profit from the growth. Sometimes looking at crime rates can be a little scary but don’t let it put you off, what you need to look for is a neighbourhood where the crime rates are falling. This is an ideal way of sourcing a region that is becoming regenerated and in turn more affluent.
How many estate agents are there in the vicinity?
It is part of their job to research planning applications and trends. If a number of them have moved into a new area, presumably they know it’s about to boom.
At Chartford we put the time and hard work into finding the best locations to build our developments so that you can relax and enjoy the home buying experience knowing that the research has been done and you are already in safe hands.
The difference is in the detail!