One of the UK’s leading property experts told buy-to-let investors that Croydon is set to be a very attractive prospect if all the promises on regeneration are delivered.
Speaking to an audience of nearly 200 at the Streets Ahead Investor Event in Croydon College Conference Centre, top industry commentator Kate Faulkner said the town was clearly ambitious to change its image. She said it was losing its sixties blocks of flats to make way for regeneration.
“If Croydon can be a destination in its own right, then it really can succeed,” said Ms Faulkner. “If the regeneration comes through as planned, and if the town can bring in better jobs to get that buy-to-let occupancy up and rents with it, you might see more of a margin here than you will in other areas. And that, as an investor, is what you are looking for.”
Kate Faulkner addressing the second session of the Investor Event.
Croydon’s Deputy Leader, Alison Butler, Councillor for Homes Regeneration and Planning, told delegates at the Streets Ahead event (Thursday, 2nd June) that regeneration is already transforming the look and feel of the borough.
She added that the council’s ambitious plans for College Green near Fairfield Halls will make the area around East Croydon station a real destination with excellent shopping, restaurants and entertainment venues.
Streets Ahead Managing Director Bob Hay listed the major companies relocating to Croydon, including Superdrug, Boxpark and Arcadis who are bringing 2,000 jobs, and the Body shop, who are bringing 250 jobs.
Kate Faulkner, a regular expert contributor on national TV, radio and the press, gave a masterclass on buy-to-let investment. She spoke about the importance of researching the area where you want to invest to save yourself money and time. She also advocated consulting experts before parting with your hard earned cash.
“As an investor you are putting your money in because you want something out of it – capital growth or an income. But it then depends on how and when you want that money; and finally whether Croydon can deliver?”
“As far as Croydon is concerned, the average house price is about £350,000 and the surrounding areas are more expensive even though the transport links in these areas aren’t quite as good. With this amount of data, you should have a good idea of what the area is going to deliver.”
Bob Hay, Managing Director, of Streets Ahead Estate Agents, addressed delegates on the health of the Croydon property market. Mr Hay discounted the market fears around Brexit and Stamp duty which have appeared in the Media.
He said local and national statistics proved that Croydon was bucking the trend, with impressive Quarter on Quarter increases in buyer registrations and sales. He put the overall average year on year increase in prices in the town until now, at around 11% or 12%, with new home completions closer to 18%.
Speaking after the event, delegate and solicitor Nirani Patel, said she thought the event was ‘very well organised and informative.’She added: “I have learned so much more about Croydon and the regeneration happening here. The town will be amazing when it is completed, making it more attractive to renters, which is good for buy to let investors.”
Streets Ahead Director Gary O’Hare said the event had been extremely successful. He commented: “The event was not about our services but about providing investors and clients with valuable information on the property Croydon market.”
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