For the past few years, many property developers in London have focused on transforming old, disused warehouses and commercial properties into homes. There have been many success stories, particularly along the Thames in areas that were previously in desperate need of regeneration. With a big demand for properties but a limited supply and high prices, the developments have proven to be very popular, particularly when they deliver good value.
Living in an old factory or warehouse may seem like a bad idea under normal circumstances, but when you look at the quality of the work on many projects you can see why properties are snapped up. In the majority of cases regeneration includes retaining the architectural features of the original properties. This makes the homes in them unique and gives them a special character and feel. Some developers take this even further by choosing furnishings and decorations to coincide with the overall theme of the property.
Many of the developments make provisions for affordable housing because they understand the unique demands in the market. There is a desperate need for new homes in the capital and across almost all of the UK. Encouraging developers to offer a mixture of properties is a wise idea because it ensures they are more likely to be snapped up rather than pricing people out of the market.
The potential success of brownfield developments can be illustrated really well with Battersea Power Station. This site has been earmarked for development for many years and the first phase of homes were put on the market in 2013. They have not yet been completed but some of them are already finding their way back on to the market with up to a 40% mark up thanks to increases in property values.
The trend of developing brownfield sites is spreading far beyond London. In the 2015 Budget the Government sets out 20 sites that can be redeveloped, twice the number of the 10 that were originally proposed. This shows that steps are being made to ease the housing demand across the UK although there is still a great way to go. As the premier Enfield lettings agent and property management company, we look forward to seeing how these developments affect London’s ever-evolving property scene.