The most up-and-coming areas for house prices
How can potential house buyers identify an area that’s ‘on the up’?
Buying property is much more than just a financial move. It’s about moving into a place that you can call home. However, with that being said, house prices do keep rising – increasing 5.4% in the 12 months to September 2016 .
A first-time buyer or someone looking to climb the property ladder who can spot an area that’s up-and-coming in terms of house prices could see their purchase increase considerably in value. That means more equity in their home, potentially better rates when re-mortgaging and a bigger deposit when it comes to selling their home and moving on.
So how can buyers identify an area that’s on the up?
Spotting an up-and-coming area
You can spot an affordable area that is potentially is on the up if you know what to look for.
Which?  suggests that one good way to spot such a location is if there are several new-build developments appearing in quick succession in an area. House builders are skilled at spotting the areas with the most potential and developing homes there, so multiple developments in an area would indicate an area that has the potential for increasing property values.
Other good indicators are if the local authority has plans to regenerate the town centre and improve transport links, or if the area is next to a thriving town that some buyers are starting to find themselves priced out of.
If you spot new estate agents offices opening, trendy shops and cafes beginning to appear, and new schools being built, then these can all be signs of a location on the up.
Newly built homes
There are many reasons why you might prefer a newly built home rather than an existing property. New builds are built to a high specification, feature brand new appliances, and can be tailored to your unique tastes with your choice of fixtures and fittings. Schemes such as the government backed Help to Buy Equity Loan can also make it easier to buy a new build home, allowing you to purchase with just a 5% deposit.
Another factor to consider is that an influx of new homes can signify that an area is on the up – at Barratt our job is to work out where buyers will want to live and and this is where we build. We are constantly working to identify the next desirable areas for working, living and commuting.
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