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KUALA LUMPUR (April 14): A study by international property consultancy CBRE has shown that properties within and around regeneration zones experience a substantial growth in prices that outpaces properties within other local authorities in London.
CBRE conducted this study across seven regeneration schemes in London and found that, on average, the area surrounding a regeneration zone experienced property price growth of 4.7% per annum above and beyond wider house price growth.
For example, according to CBRE’s report, house prices in the area around Paddington Basin increased by 12.9% per annum, compared with 9.5% in its local authority of Westminster.
“This suggests regeneration has added 3.5% to average annual house price growth,” the report showed.
“Not only does urban regeneration alter the aesthetics of an area, but it effectively remodels its underlying fabric by addressing the deeper social and economic environment as well. One of the aspects that measure the impact of regeneration is the property value,” the report showed.
CBRE concluded that in an effort to house London’s burgeoning population, it is inevitable that regeneration will continue to play an important role in both the city’s skyline and property market, and to provide clues to some of the greatest growth opportunities in the capital.
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