The recent change in stamp duty has put Hounslow in the spotlight. First time buyers no longer need to pay stamp duty on properties valued up to £300,000. As a result this means they can enjoy big savings by investing in their own home. The west London Borough has a large number of properties that will qualify for the discount.
Regeneration is creating thousands of new homes
New regeneration projects will also make the area more popular. There are plans to create 3,900 homes in the area before 2025. An impressive 40% of them will target first time buyers as well as young renters, ensuring affordable pricing. The homes for FTBs could find themselves amongst the most highly desired investment properties Hounslow has to offer.
The transformation of the old Hounslow Civic Centre is one of the biggest projects in the area. In total ten buildings will inhabit the site providing 919 new homes. A full 50% of them will be affordable. New community facilities will also be created on a nearby site.
Another project that is progressing well is 88 Lampton Road. The first phase is on target for completion in autumn 2018. It will see 160 council homes become available, helping to reduce pressure on the council’s long waiting list. Shared ownership homes are set for completion in 2019. In total the site will have 1,000 new homes.
The great thing about many of the housing developments is they are within close proximity to the Piccadilly Line. The route runs through the heart of the Borough, connecting Central London to Heathrow. As a result local residents can enjoy relatively fast commutes into the city.
A potential downside
First time buyers should definitely consider the area. One thing to consider though is that a number of locations are within flight paths. This can cause some disruption but it also results in some really low house prices, especially for London.
If you are considering the investment properties Hounslow has to offer Finefair can help. We have a great knowledge of the area and work hard to deliver the best level of service we can. Feel free to contact us for any advice.