New homes in Haringey

Jul 25, 2017
Why Buy New Homes in Haringey

Spotlight on Haringey

Nestled between inner and outer London, Haringey embodies the Capital's diverse spirit as an incredible 190 languages are spoken in its classrooms. With £2bn of public and private investment pouring in for huge housing projects and infrastructure improvements, this Crossrail 2 hotspot could be a smart place to buy your next property.[1] Crossrail 2 to bring a wealth of opportunities Due to complete around 2030, the proposed high-capacity rail link from Hertfordshire and north London to south-west London will slash journey times across the Capital. Under the current plans, Haringey would have four Crossrail 2 stations at Seven Sisters, Tottenham Hale, Northumberland Park and Wood Green. Ensuring shorter journey times for its residents, Crossrail 2 also tips the borough for strong house price growth.[2] Ambitious plans to regenerate Tottenham On the back of its proposed Crossrail 2 stations and high potential for growth,Tottenham was awarded housing zone status by the Mayor. Haringey Council has since developed far-reaching plans to create more than 10,000 new homes, 5,000 jobs and nearly a million square feet of new commercial space by 2025 across six distinct areas: Tottenham Hale, Tottenham Green, Seven Sisters, Bruce Grove, High Road West and Northumberland Park. Tottenham Hale's ambition to become London's next great neighbourhood The initial focus of the housing zone is Tottenham Hale, the commercial heart of Tottenham. The developer behind the rebirth of King’s Cross is set to transform it into a bustling new centre with an international transport hub offering connections to Stansted airport, a thriving residential quarter and thousands of new job opportunities.[3] Up to 800 of the scheme's 2,000 new homes will be created in the initial phase of the project and it's hoped the first residents could move in as soon as 2018. Alongside the new homes will be nearly £45m of investment to create a modern district centre with fantastic transport links, a new bridge to access the beautiful Lee Valley Regiona lPark, new public spaces, and many new shops and restaurants.[4] The area's transformation began when Transport for London removed the unloved gyratory system. Work is now underway to rebuild and enlarge Tottenham Hale underground station and build a new concourse and shopping quarter by 2018.[5] The area's crowning glory will be the arrival of Crossrail 2 to Tottenham Hale in 2030. Tottenham Hotspur's new stadium driving demand Haringey's world-famous football team, Tottenham Hotspur, is to move into its brand new 61,000-capacity stadium at the beginning of the 2018-19 season. Ahead of the move, property companies are investing in the area. Housebuilder Aitch Group revealed its plans to spend around £20m this year on land to build flats. The firm is one of a number of businesses anticipating that the new £400m stadium will trigger demand for homes.[6] A bright future for Wood Green The council has unveiled plans to restore the town centre in Wood Green. The plan relies on Wood Green getting a Crossrail 2 station which is one of two route options being considered by Transport for London – the other involves stations at Turnpike Lane and AlexandraPalace. If the Wood Green station is given the green light, the council aims to attract £3.5bn of investment to transform the centre into a major shopping destination. The proposals include creating a major new public square around the station and nearly 60,000 square feet of new employment space. There are also plans to redevelop the shopping centre and cinema to create a better shopping and leisure destination, to improve pedestrian and cycle routes, and to encourage more tech and artisan start-ups to the area.[7] Open for business and creating jobs High-end textile companies, media and production facilities and pioneering not-for-profit restaurants are taking advantage of Haringey Council’s Opportunity Investment Fund. The £3.65m programme offers loans and grants to renovate disused workspace and help start-ups move to Tottenham.[8] Analysis by Bilfinger GVA forecasts Haringey to see an incredible 23% increase in jobs by 2036, compared to just 13% in Zone 1.[9] An oasis of green space Despite its outwardly urban appearance, Haringey boasts 600 acres of parks, recreation grounds and open spaces, which account for more than 25% of its area. Home to four ancient woodlands, the borough also has 25 parks that have been awarded Green Flag status – the second highest number in London after the borough of Hillingdon.[10] Current asking prices and rental yields The current average value of properties in the London borough of Haringey is £657,054. It has increased 5.41% in the last 12 months and 51.68% in the last five years. For a two-bedroom flat, the average asking price is £550,996 and the average asking rent is £1,625pcm, which means the gross rental yield is currently 3.50%.[11] This content is correct as of March 2017