How to Spot an Up-and-Coming AreaNo Comments
So you’ve seen the house prices soar in areas like Shoreditch, Clapham and Camden. Now you want a piece of the pie. Or are you just a hipster looking to move somewhere before it becomes stuffy and cramped with chain restaurants? Either way, if you look hard enough there are a few key ways to tell you’re in an up-and-coming area. Here are some of the more notable tells.
Independent Restaurants, Coffee Shops and Delis
Have you noticed an increase in the number of independently run delis or coffee shops in an area? This is a clear sign that people living there possess a level of disposable income synonymous with up-and-coming neighbourhoods. If you’re seeing chain restaurants or coffee shops like Starbucks, stay away. It’s likely the area has already expanded to its full capacity.
Independent food stores are not necessarily a sure fire way of an up-and-coming area. Get a feel for the vibe there too. If the place is full and buzzing, you’re likely to be on the right track. Ideally, there’ll be numerous retailers like this, maybe coupled with a small art gallery or independent fashion retailer too.
Has a big business registered an interest? If a large company, corporation or employer has bought offices in the area there’s a very strong chance it’s going to boom. First of all, there’s the added population influx this will cause, then you’ll begin to see more competitors or like-minded brands move into the area too. This does come with a big caveat and it’s especially prevalent for small towns. If there’s only one large-scale employer from one industry, the area is likely to decline dramatically if they pull out. Take a look at some of the former mining towns for a clear example of this.
Take a walk through the area and be particularly observant of the type of people you see. If you’re surrounded by middle aged businessmen and women donning expensive suits, this isn’t the place for you. If however, you’re spotting an unusually high number of 20-30 year olds, there’s a chance you’re looking at an up-and-coming area. This age group tends to have a lot of disposable income which is guaranteed to attract businesses.
This is an absolute must. If an area has poor public transport links, it’s not likely to see a boom anytime soon. For instance, if we’re discussing London, look for an area that’s slightly removed from the stuffy inner-city life but is still close enough to commute to major employment hotspots. Transport developments like the HS1 & HS2 railways are also going to create a frenzy of interest, though you’ve probably already missed the boat on these two examples. Large scale development like this will lead to a very swift wave of regeneration in an area.
Estate Agents, House Shares, Sales and DOM
So, this is a huge tell of any up and coming area. Look at the market activity for the neighbourhood. If you’re noticing a sudden crop of estate agencies opening up, they’re noticing a potential. If there are plenty of house shares being advertised, it’s another tell of the young professional demographic moving in. Then consider the price properties are being sold for. If they’re steadily increasing and the number of days on the market (DOM) is decreasing then you’re looking at an area in demand.
If you want to really drill down into an area and find out about the crime stats, travel info, potential nuisances, schools, amenities and local demographics, fill out a Property Detective report today. All you need is the postcode!