New homes in Brent
New homes in Brent
Spotlight on Brent
Featuring two of the capital’s major growth areas, Brent is undergoing a huge transformation. With property prices set to rise thanks to the creation of thousands of new homes and jobs, buying your next property here could be a sound investment.
Wembley – urban regeneration on an epic scale
A name synonymous with sporting legends is now becoming known as a desirable place to live. The regeneration of Wembley began in the early 2000s when property developers, Quintain, rebuilt the iconic stadium and made enormous improvements to its infrastructure and transport connections. Since then, they have spent upwards of £500m on regenerating the surrounding areas, turning Wembley into a thriving residential, leisure and business hub.
In 2015, Brent council approved their £2.5bn scheme to create 350,000 sq ft of new offices and shops, alongside two hotels, a seven-acre public park, student accommodation and a 600-place primary school. One of the largest regeneration projects in the country, on completion Wembley is expected to deliver 11,500 new homes and 10,000 new jobs.
A vast, new transport super-hub coming soon
The railway depots and freight yards at Old Oak Common and the vast business district at Park Royal will soon be transformed into a transport ‘super-hub’. Due to be constructed by 2026, the station will be bigger than Waterloo station with unrivalled connections – just ten minutes from central London and Heathrow Airport and 38 minutes from Birmingham. As the only place where Crossrail will intersect with High Speed 2, it will serve an estimated 250,000 passengers a day.
According to the former Mayor of London, Boris Johnson, “Old Oak and Park Royal will play perhaps the most crucial role of any regeneration area in London over the next 20 to 30 years”. Straddling the London boroughs of Brent, Hammersmith & Fulham, and Ealing, the 950 hectare site is expected to deliver a £15bn boost to London’s economy over 30 years.
With such impressive transport links, Old Oak and Park Royal is set to become a highly attractive new commercial area with capacity to accommodate 55,000 new jobs in a variety of new high-quality buildings. It will also accommodate a minimum of 24,000 new homes with a variety of tenures.
Strong demand for housing
The average value of properties in the borough is rising steadily. According to research from the property group JLL, the rise in Brent house prices are a direct result of the huge regeneration project around Wembley Stadium. “Brent has fantastic transport connections into central London but was traditionally overlooked in favour of more desirable locations,” says JLL analyst, Nick Whitten. “Regeneration investment around Wembley has put house prices under serious pressure over recent years.”
Using data from Oxford Economics in October 2016, JLL analysed the forecasted average house price gain in each London borough from 2016 to 2030. According to their report, prices in Brent are projected to rise by 84% over the next 14 years.
Fast links from Wembley Park to the capital’s employment hubs and universities make this area an easy commute. Baker Street can be reached on the Underground in 12 minutes, and Bond Street and King’s Cross in 19 minutes. London Marylebone Station is a ten-minute train ride, and there is a direct route to Birmingham and beyond. By road, the North Circular is just a five-minute drive away.
Current asking prices and rental yields
As of January 2017, the average value of properties in the London borough of Brent is £498,655. It has increased 3.15% in the last 12 months and 45.053% in the last five years. For a two-bedroom apartment, the average asking price is £500,072 and the average asking rent is £1,663pcm, which means the gross rental yield is currently 4.00%.
This content is correct as of January 2017