Buying in an area being regenerated?

butterfly72

I was just interested people's thoughts of buying in an area that is being regenerated. We are looking to move and one possible area is currently undergoing a £70m revamp of it's centre. There's a shopping area with cafes, cinema and the like being planned. Is £70m significant?


I've never visited this place but it sits next to some very nice expensive areas, that even with a £300k deposit and joint income of over £100k make my eyes water!!! Houses are still expensive but you get much more for your money - infact I can buy a house as opposed to a flat in the nice area next door! Are they likely to rise once the regeneration has taken place?


I'm told the area is 'chavy' but looking on the public health observatory profile for it's two wards, it appears average compared to the rest of England with regards to unemployment, health, obesity, smoking, population etc. (possibly a few indicators are even better than the national average). I guess a drive around is needed!


Those of you that know Feltham in Middlesex, must agree that that their regeneration, if you want to call it that, doesn't appear to have had any positive effect on the area..that I can tell. Apart from more jobs. I wouldn't live there before or after the regeneration.


Anyway, just after peoples thoughts really. TIA.

Thrugelmir

Seems a reasonable strategy providing your are happy to sit it out however long it takes. Regeneration can be a long slow drawn out process.

padington

The home of young offenders, sound like a plan. Tottenham would probably be a better commute though with a similar dynamic. Watch letwin et al now poor money in it like never before.

Mistermeaner

Sounds like my town. Is it in the middle of cheshire per chance?

butterfly72

Mistermeaner wrote: »

Sounds like my town. Is it in the middle of cheshire per chance?

No! Surrey.

Mistermeaner

Oh.

Cheaper here

wotsthat

The area you're looking at currently houses people who you'd rather not have for neighbours. The key part of any regeneration is a clear plan as to how these people will be moved along.

A lick of paint does not nice neighbours make.

Haylescom

I don't have any advice really but agree about Feltham; my boyfriend lived there and I think moving him to Harlow was a step up!

mayonnaise

Some areas - like Feltham - just can't be regenerated, no matter how much money one throws at it.
If you're talking about Addlestone, I'd seriously consider it. DYOR of course. Good luck.

butterfly72

mayonnaise wrote: »

Some areas - like Feltham - just can't be regenerated, no matter how much money one throws at it.
If you're talking about Addlestone, I'd seriously consider it. DYOR of course. Good luck.

I am talking about Addlestone. Can I ask why you would seriously consider it, especially with regards to it's regeneration? I don't know the place at all. Of course I'll DMOR!

mayonnaise

butterfly72 wrote: »

I am talking about Addlestone. Can I ask why you would seriously consider it, especially with regards to it's regeneration? I don't know the place at all. Of course I'll DMOR!

I wouldn't count too much on any regeneration, the town centre is a dump and a new Waitrose or cinema won't change that.
Go towards the outskirts, towards Weybridge or Ottershaw and you might find areas you'd want to live in - without spending a fortune.