As the UK property market has been experiencing a significant 'mini-boom' during the current COVID-19 pandemic; renters, first-time buyers and investors have changed their priorities. Due to remote work arrangements and extended indoor confinement, demand for bigger and better spaces has been more prominent than ever.
And we don't only mean larger properties, but also quality outdoor spaces: suddenly, people realise how important it is to be surrounded by parks and communal amenities. As a result, many are currently looking into property just outside of London. Our new development in Slough, Aspire, certainly ticks the boxes for those planning on making an excellent long term investment. If you wish to find your new home or buy to let in Slough, one of the areas where the property boom is currently taking place, then read further for more detailed information.
Big city living often implies what the market labels as micro-living, i.e.residing in small spaces, very minimally. In London, where the average property costs a whopping £650,000, an exodus is being observed by researchers over the last few months. Suddenly living, working and spending down-time in the same space became quite overwhelming; causing what The Telegraph labelled as a 'race to suburbia'.
As always, location plays a vital role: if you are looking for a new home in a town incredibly well-connected to the capital, for example; we can help. From Slough to London, the train journey to Paddington only takes 16 minutes. In addition, Slough has great links to Heathrow Airport. Our forthcoming new build development in Slough is only a 5-minute walk from Slough Rail Station, making our new homes at Aspire the perfect choice for those craving a change whilst staying connected to the big city buzz.
Trends are showing that homeowners want to upsize and want to move out of cities such as London to live in less built-up areas — mortgage applications in cities have dropped by 23pc, according to estate agency Hamptons International, but they are up in small towns and suburbs as renters seek more space for their money.
The upsizing trend is most pronounced in the South-East; where our new development, in Slough, is located. 47pc of tenants added at least one bedroom when they moved, paying an extra £266 per month. As The Telegraph observed, the disproportionate growth here is likely driven by movers from the capital.
Two-thirds of London renters who chose to upsize in August opted to leave the city and move to cheaper locations where they can get more space for their money. Comparing Slough to London, for example, you save around £66,000 per mile (Etopia Corby).
The town is gathering a lot of momentum amongst both first-time buyers and investors looking for opportunity and growth. It is currently undergoing significant regeneration and has been increasing in popularity over recent years. A £3 billion urban renewal and regeneration plan, including Abu Dhabi's Investment Authority's purchase and redevelopment of Slough's main shopping centre, will contribute to a rise in property values over the next 5 years and beyond. The arrival of the Crossrail, named the Elizabeth Line, will have a significant impact on its own: JLL has forecast a 14.8% increase by 2024. High tenant demand is also expected, as the population of Slough is set to grow by 18,000 by 2036.
Our new development in Slough, Aspire, is designed to match the quality and style of a premium London residence, for a more affordable price tag — you can reserve a studio, 1, 2, or 3-bedroom apartment for only £2000. With stunning views of Windsor Castle and Eton College from an 8th storey roof terrace and concierge, residents will also benefit from incredible rural beauty, as the famous Herschel Park amongst a number of other parks and green spaces are only a few minutes away. For those working from home, the fibre optic broadband with 1GB connection speed indeed makes a difference.
Find out more about our new development in Slough town centre and how it presents an excellent opportunity for home buyers by visiting the official website.
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