Back in 2015 The House Shop listed Croydon in its ‘Top 5 Areas of London to Invest In By 2020’ list and, as we prepare to enter the new year, this advice still rings true. One reason for this is the unprecedented level of investment that the borough is currently seeing.
Originally made up of six individual masterplans, the £5bn regeneration plan is now underway in Croydon – one of the fastest growing boroughs of London. The extensive programme of works is being delivered by Croydon Council in partnership with the government, the Greater London Authority and Transport for London.
With nearly 400,000 people currently living in Croydon, we take a look at how the exciting transformations taking place will benefit both new and existing residents – and what this means for savvy property hunters.
The way we get about is fundamental to our lives and plays a huge part in the success of a residential location.
Croydon residents often make their friends jealous with how quickly they can reach central London – without the need for the underground. By tram you can reach London within 30 minutes, and by train? 16 minutes into London Victoria, Gatwick Airport in 15 minutes and a host of other locations within easy reach, including Brighton where you can be buying an ice cream within an hour.
Those looking to settle in Croydon will be pleased to know that, as part of this regeneration, investments into the train station and wider transport infrastructure is continuing. This is essential for ensuring the value of any property later down the line.
There are plenty of restaurants, shops and bars to keep you busy in Croydon but green space is also essential for wellbeing – and in Croydon you are spoilt for choice.
Visitors are often surprised to discover that this borough has more than 120 parks to explore and, even more surprising, that 8.5% of Greater London’s woodland resource is actually located in Croydon.
Considering that Croydon is already renowned for its leafy, green spaces it is great news that as part of this regeneration, there are an anticipated 28 new public squares and spaces due to be created which will only help to enhance the sense of space that already exists in this area of London.
For new and existing residents in Croydon, it is perhaps the promise of improved transport links and an enhancement of green spaces that are most compelling at first. But for property hunters, the council’s focus on the local economy and local infrastructure should also be music to their ears. A thriving local economy is good news for property.
Promising to deliver a ‘growth zone’ by improving infrastructure, supporting business growth and boosting the town centre, the benefits to the housing market from the £5bn programme will be numerous.
The most apparent benefits will be evident in the creation of over 2.8million sq. ft of new Grade A office space provision, a revitalised town centre, over 23,000 new jobs being created and significant investment in development and construction – with over 5000 jobs being created in this sector alone. And with this investment there comes a knock-on effect for the wider economy.
Those looking to invest in Croydon in the near future could be stumbling across a unique opportunity here – to invest in a community that is already benefiting from a huge regenerational boost but that hasn’t reaped the full benefits of this yet. If you haven’t yet considered Croydon for your next move, 2020 might be the time to start exploring!