Basingstoke Property Price Forecast Shows a Town on the Rise
With a thriving employment sector and a variety of large regeneration projects in the pipeline, the Basingstoke property price forecast is showing an increase in property prices heading into 2020.
It currently holds an average property price of £321,421, nearly £300,000 less than London which sits only 45 minutes away. From 2005 to 2015, Basingstoke saw a 31% rise in house prices which has only continued to increase.
Home to a number of top brand headquarters, Basingstoke has attracted companies such as Lenovo, Tech Data and Motorola, with 66% of its residents working in the city as of last year.
Often viewed as an affordable alternative to Reading, Basingstoke may also feel a knock-on effect from the completed Crossrail line, mainly due to its proximity to Reading and excellent links through to the Capital.
A Town on the Rise
As the third fastest growing town in the UK with a population of 175,000 (as of 2016), Basingstoke is also one of the UK’s top areas for low unemployment (2.40%).
This growing economy, which is home to several global brands and has been recognised as one of the top digital economies in the UK outside of London, means it is facing much higher rental demand. As a major part of the ‘tech corridor’, Basingstoke has been recognised as one of the top three local authority areas for high levels of productivity, business survival rates and knowledge-driven businesses.
As the prices of property in London continues to rise, many people are now looking at alternative locations to live in with Commuter Belt locations such as Hampshire, Berkshire, Surrey and Kent becoming prime areas for investment. With Basingstoke on the rise and offering an easy commute to the Capital, it lends itself perfectly to the buy-to-let market.
Edward Cunningham at Knight Frank believes Basingstoke is also attracting young families because of the surrounding area.
“Properties are sought after due to several excellent schools. Cheam at Headley, Lord Wandsworth at Long Sutton and Daneshill at Stratfield Turgis”.
The Brexit Bump
There’s no doubt that Brexit has created uncertainty along the Commuter Belt, with properties in these locations experiencing a 2% drop since May 2017. Fortunately, experts predicted this drop and believe a return to ‘economic stability’ will also mean a return to price growth for properties.