There are many factors that can influence property prices in an area and demand for homes. One of these is the arrival of big businesses. In many cases they create new jobs and encourage people to look for homes in the surrounding area. Even those that don’t create roles can have an impact because their existing employees may choose to move so they can live close to where they work.
There are many examples of big businesses moving to an area and having a huge impact on the property prices, both prior to their arrival and afterwards. In 2007 EA Games decided to base their headquarters in Guildford.
In the eight years prior to EA’s arrival the growth in prices in the area was far behind the UK average. Following the move the house prices started to climb at a much better rate. The area also became the focus of regeneration work, seeing a transformation of the town centre.
When the BBC made the decision to move to Salford in 2011 it had a big impact on the property market in the area. Before the relocation the house prices in the area were in decline, experiencing a 9% drop in value in just 4 years.
When the BBC arrived it brought with it existing employees and created many new job opportunities. This attracted people to the area looking for homes. As a result the house prices have risen in value just marginally behind the rest of the UK in the last five years (around 30%). This is a huge turn around for the area.
Property owners in Wandsworth and investors targeting the area will be hoping prices in the area see a similar rise with the arrival of Apple. The tech giant announced it was relocating its UK headquarters to the area earlier this year. They plan to base themselves at the regenerated Battersea Power Station and want the move to be complete by 2021.
It is expected that property prices in Wandsworth will continue to rise in the next few years leading up to Apple’s arrival. Early predictions are that values could increase by up to 40% between 2021 and 2025. This would provide big returns to owners in the area.
At Finefair we provide a range of services in Wandsworth including estate management and lettings. We can work closely with property owners and ensure their interests are met. If you have any questions or would like to make an investment please contact us.