In the Housing Strategy the Mayor of London set out plans to create 30 zones for development across different London Boroughs. The aim is to provide £600 million in funding and planning measures to help build more homes in these areas. If all goes to plan the move will lead to the construction of 75,000 new homes, improvements in infrastructure, and also create 150,000 jobs.
The funds available will be lent to developers, local housing associations themselves, and homebuilding partnerships from the public and private sectors. Loans will be offered at competitive fixed rates and with no fees. This will help to make it easier to purchase land, invest in infrastructure, and actually build quality homes.
In total the 30 Housing Zones are expected to lead to £30 billion in investment. This would create the tens of thousands of homes anticipated as well as community facilities and infrastructure. A third of the homes built are intended to be affordable.
In the London Borough of Merton the Housing Zone is Morden town centre, a popular area with families who anticipate good growth in values in the coming years. The project here will lead to an estimated £466 million investment that will create 1,070 homes on a 5.5 hectare site and 2,140 construction jobs. Of the homes, 428 (almost 40%) will be affordable.
Morden is set to be one of the most popular locations for investment properties Merton will have to offer. This will surprise many, particularly with the Borough also being home to Wimbledon and Mitcham. The Housing Zone will play a big role in driving up values and additional projects such as the £10 million to improve the town centre will also help.
If you are looking for help finding the best investment properties Merton has, feel free to contact the Finefair team. We work closely with investors, giving them the benefit of our extensive experience and knowledge. With a professional service from start to finish every time, it is no surprise that clients work with us for the long term.