Changes to the property landscape continue apace right across the commuter belt, and nowhere is that more true than in the county of Buckinghamshire. With so many new developments in the district being built to serve the growing number of professionals and families looking for affordable alternatives to London, it has become the prime focus for a number of residential and commercial developers.
New developments in Buckinghamshire
By far the most ambitious development being considered in Buckinghamshire will be in Aylesbury Vale, where a planned 27,000 new homes hope to be built by 2033. Approximately half of that number have either already been constructed or have planning permission, such as those at Kingsbrook and Berryfields. The first draft of the plan states that it will not remain exclusively in Aylesbury, extending into Winslow, Buckingham, Haddenham and Wendover. RAF Halton has also been suggested for development once the base fully closes in 2022.
Inland Homes recently announced a batch of 23 one-bedroom apartments in the Castle House block in High Wycombe town centre would be coming onto the market in January 2018. Although 40% of the properties have already been sold, the development is another example of the ongoing regeneration taking place in Wycombe. In total, the building will be comprised of 239 new flats – 6 of which are studios, 137 one bedroom and 96 two bedroom.
IDM Properties have also been given the green light to redevelop the Leigh Court site in Wycombe, on the site of a number of abandoned furniture factories that have remained empty for some years. The scheme proposes to build 230 one and two bedroom apartments, along with a commercial element on the 2 acre site.
The growing house market in the district
House prices in Buckinghamshire have gradually continued to increase, with the Office of National Statistics revealing that the current average figure is set at £417,293, compared to £394,000 at the same time last year. This increase of 5.9% is still slightly higher than the national average, which up until September had risen by 5.7%.
There are some postcode areas in Buckinghamshire that far outweigh the average figure, and have proven to be one of the expensive regions in the entire country. Two prime examples are Chalfont St. Giles (HP8) which has the second highest average sell price in the UK at £1,107,702, and Beaconsfield (HP9), whose average sale price was £1,023,113.
This has had something of a knock on effect to the length of time taken to sell properties, however. 12 months ago the average time taken to sell detached homes was 120 days, which has now increased by 12% to 123 days. Semi-detached properties have increase by 23% to 101 days, and terraced homes show an 18% hike to 98 days. Flats show the highest increase of all, jumping by 27% to an average time of 108 days.
With the London market continuing to stall, and some sellers in the capital lowering their prices, Buckinghamshire looks set to continue capitalising on the fading light coming from the big city.