The Haringey Development Vehicle (HDV) came to light in 2015. It showed ambitious plans to regenerate the area and create 6,400 homes. It would have been the largest public-private project of its type, worth an impressive £2billion.
The aim was to help the local council at a time they had severe budget cuts. The anticipated development returns could have paid for local services. Additional returns such as commercial income would have added further funding.
The plan quickly split opinion, particularly when plans to demolish homes on housing estates in the Borough were revealed. There were big concerns about the failure to provide assurances on the amount of social housing. Opposition to the HDV built and support began to evaporate. Things got worse at the start of February when the council leader revealed she would be resigning and leaving the project to her predecessor.
Lendlease, the private partner selected for the redevelopment, remain committed to the HDV going forward. The current situation doesn’t bode well though and could see the plans scrapped entirely.
Demand for new homes
Whatever happens with the HDV the demand for homes in the area remains high. The Borough is well located in North London, neighbouring the very popular Islington. Prices for homes are attractive, particularly in comparison to prime inner areas. The good transport links and open spaces are also big selling points.
If you are considering property investment Haringey is an area to look at. There are plenty of opportunities but developers need to be aware of the strong local community. This can be an advantage for tenants but it could restrict development.
The Finefair team can work with investors of all shapes and sizes. We are accomplished at supporting landlords, offering a whole host of useful service. Our comprehensive services deliver excellent value and consistent professionalism.
To explore the opportunities for property investment Haringey has to offer, simply contact our team. We can help with your search and exploring the different options.