First-time buyers Victoria Wallace, 26, and her husband Ryan Adair, 34, made the move to a regeneration area after the landlord who they were renting from in Tower Bridge increased their rent by more than 50 per cent.
They bought an art-deco-style flat in Hayes Village, a development in Zone 5, which boasts high ceilings and light spaces.
“The community at Hayes is something we really didn’t expect,” they said. “We have such welcoming and friendly neighbours and I think it helps that the average buyer at this development is around a similar age — we even invited a few neighbours to our wedding!”
The couple are part of a growing number of Londoners who are moving to the capital’s regeneration zones, taking advantage of areas that don’t have the cachet of other more central or fashionable postcodes, but have seen billions of pounds of investment and development.
Hayes has seen several major housing developments go up recently, including Hayes Village by Barratt London, which is set in the old Nestle factory. The former home of EMI records is now The Old Vinyl Factory, which includes The Venue by Weston Homes. Thanks to Crossrail, the area now has quick connections to both Central London and Heathrow.
Mehmet Meral, 32, has also fallen for the charms of a revitalised area and recently swapped rural Kent for Zone 3’s Hendon Waterside development.
“As a software engineer who works from home for most of the week, it was important to me that I found a property with peaceful views and a natural landscape — or as natural as you can get in central London! I was moving from Maidstone in Kent which had a lovely rural character to it, and I have always loved nature, so the view was my top priority,” he says.
“Wanting an area with lots of greenery, Hendon Waterside stood out to me immediately as I think it is rare to find so much green space in central London at an affordable price point.” His flat has a large balcony which overlooks the Welsh Harp Reservoir. “The blue water of the reservoir is like a pool, and I can see birds and people sailing — now I’m keen to learn how to sail myself.”
An £8 billion regeneration scheme in Hendon will see Brent Cross Town built on a 180-acre brownfield site, delivering 6,700 homes, offices, culture and leisure facilities, and a revamp of the shopping centre. Developer Related Argent promises it will be one of Europe’s largest net zero neighbourhoods by 2030. Brent Cross West station opened at the end of 2023, making it the first new mainline London station in 10 years.
Linda Sheridan lived in Wembley many years ago but has been amazed by its recent transformation: “It’s a one-stop destination for everything now, from designer shopping, to restaurants, and entertainment.”
The 59-year-old, who runs her own personal training business, bought an apartment at Barratt London’s now-sold-out No.10 Watkin Road in 2022 and hasn’t looked back.
“As a freelancer, I need the accessibility, amenities, and transport, so it’s exactly where I need to be,” says Sheridan. “I have always loved high-rise apartment living — you get such incredible views. I am a born and bred Londoner and I can’t wait to see the city skyline every day with my morning coffee.”
Boroughs such as Sheridan’s Wembley have been transformed, packed full of swanky bars, chic boutiques and fast and efficient transport links that get you to other parts of the capital with the minimum of fuss.
This regeneration push has also driven up property prices. Between 2013 and 2023, Barratt London found house prices in Hayes have increased by 80 per cent, in Wembley that figure is 78 per cent, in Bermondsey it’s 69 per cent, Hendon by 64 per cent and in Harrow by 62 per cent.
For Londoners who have managed to get on the ladder in regeneration zones, the rise in property values has been a boon.
Financial director Leila Spencer, 55, has been quick to see the potential of Bermondsey, a centrally located regeneration area in Zone 2. She looked into a number of property hotspots in order to invest her family savings and buy a second home that her children could use.
“I researched a number of locations before deciding on Bermondsey,” said Spencer.
“It was important that wherever I purchased would be more likely to see capital appreciation, rather than buying somewhere such as Battersea or Vauxhall, which in my opinion have reached their top premium now that regeneration has for the most part happened. Bermondsey is on the cusp of achieving the same, if not better, long-term price potential thanks to its location and expansive pipeline projects.
Spencer’s careful investing has already reaped rewards. She paid £580,000 for a two-bedroom, ninth-floor flat in Bermondsey Heights in September 2023 and there has already been a price uplift, even though the property won’t be ready until 2025.
“Undoubtedly, the Zone 2 location was the biggest advantage for me, and it was very important when making my decision.”
Regeneration zones featured prominently in the winners of the New Homes Awards 2023. With entries for the 2024 edition of the Evening Standard’s annual awards programme now open, all eyes are on these new areas that are gathering steam.
