With a regeneration scheme reportedly worth up to £750m currently under way, Swindon is set to become one of the most popular places to live in the UK over the next few years.
The Forward Swindon project aims to bring over 10,000 new jobs to the area, and a recent report by renowned recruitment site Glassdoor revealed that Swindon was ranked as the 4th best place to work in the UK.
Part of Swindon Borough Council’s ambitious plans is to build 22,000 new homes by 2026 in order to keep up with the growing demand and economic growth in the area, 8,000 of which will be built on the New Eastern Villages site.
Earlier this year the local council invited a number of small to medium sized building firms to put forward their ideas for targeted developments in urban areas to help them achieve their target.
Back in 2013, Taylor Wimpey, Hallam Land Management and Hannick Homes & Developments submitted an application for the first phase in New Eastern Villages, which is due to be given the green light this month.
This will also include a 16,100 sq ft mixed-use local centre for retail, along with a cinema and an indoor ski slope.
Investment, buying opportunities
The average house price in Swindon is currently £221,051 and there are a wide range of new property developments currently under way, opening up exciting new opportunities for the town as a whole.
Charles Church Wessex’s St Andrews Ridge site in North Swindon offers a perfect illustration of how popular properties in the area have become.
It was recently that the property developer urged buyers to purchase the remaining nine homes, which are comprised of three, four and five-bedroom properties.
House prices are rising rapidly giving sellers of existing properties a strong advantage in the current market.
Since 2012 prices for flats and terraced housing have risen on average by just over 30% and is forecast to reach as high as 40% by 2019.
Traditionally, two and three bedroom homes are the quickest to sell, and the growing demand has seen prices continue to rise over the past 12 months.
Cricklade, North Swindon and West Swindon are the most popular picks, while Broome Manor and Old Town sit at the more expensive end of the scale.
Properties are being taken off the market on an average of only two weeks and offer great yields for new investors and landlords. One and two bedroom properties in the SN1 postcode area can expect between 6-7%, while SN2 offers a steady rate of 6.2%.
In general, the expected yield doesn’t drop below 4% and is often higher, offering measured returns on investment.
A fresh start for Swindon
On the commercial front investment is also continuing to flourish. Last year over 1.4 million square feet of industrial/warehouse space was sold or let.
Redevelopment in the area is a big factor, of course, but the locality of Swindon near to London and the transport links to the rest of the country make it a far more attractive option than many neighbouring areas.
As the regeneration scheme continues to gather pace and a new landscape begins to emerge, the upward trend in the region looks set to continue, creating a promising future for Swindon and its growing population.