Big Changes Lies Ahead in Bedfordshire
Not only has the flourishing property market in Bedfordshire seen house prices rise faster than the national rate, but it has always established itself as the perfect place for first time buyers to find their home.
The Government’s Help To Buy scheme enables buyers to receive an equity loan of up to 20% of a property’s value in Bedfordshire, lowering the required deposit by a significant margin. Recent research by credit experts Totally Money revealed that Bedfordshire is the best region in the UK to take advantage of this scheme. In total, 245 properties in Central Bedfordshire were bought using a Help to Buy ISA. The lowest average deposit of £9,141 also meant that the region made property ownership a reality for many.
NEW DEVELOPMENTS IN BEDFORDSHIRE
There was exciting news earlier in the year when Barratt and David Wilson Homes announced a new development in Marston Moretaine. More than £2.3 million will be invested into developing the surrounding education infrastructure, healthcare services and transport links. Called Marston Fields, there will be a range of 3, 4 and 5 bedroom homes available, some of which will be available to purchase through the Help to Buy scheme.
CALA Homes have also recently had their plan to build 90 new homes in Potton approved in principle by the local council. Similar to the Marston development, they will contribute over £380,000 to the local area to healthcare and educational amenities. On the 9 acre site, there will be a mixture of 1 bedroom flats, along with 2-5 semi-detached and detached homes. 35% of the new development will also be set aside as affordable housing.
These are just some examples of the new developments and planning applications that are currently taking place across Bedfordshire. Central Bedfordshire Council’s Local Plan hopes to build a total of 20-30,000 new homes in the county. This would include a number of new villages, a new settlement of up to 7,000 new houses near Tempsford and another 2,000 in Arlesey.
THE MARKET FOR BUYERS AND SELLERS
Over the past year, semi-detached houses in Bedfordshire tended to be the most popular choice for those on the market. On average, the house price in the area is £284,707, which is about a 7% year-on-year increase. Looking back across the past three years as a whole, average prices have moved up from £200,086, according to a recent report from Halifax.
While the market continues to favour those in a selling position due to the ongoing rise in house prices, the commitments being made to building affordable housing offer positive signs for buyers. This is especially true when you consider that Bedfordshire has positioned itself as frontrunner for promoting Help to Buy schemes.
This is clearly exciting times for the county of Bedfordshire. The landscape in the area is in the process of undergoing a rapid change, with new developments and investment in local infrastructure ongoing. With the region also touted as playing a key role in supporting the growth in tech companies in the near future, this could be the beginning of a huge economic boom for local and wider economy.
Help to buy: https://www.mortgageintroducer.com/best-places-help-buy-named/
Local Plan: http://www.centralbedfordshire.gov.uk/planning/policy/local-plan/local-plan.aspx
Rising/average price: https://static.halifax.co.uk/assets/pdf/media-centre/press-releases/halifax-2017-University-Town-House-Prices-18-September-2017-Housing-Release.pdf
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