If you’re searching for the best areas to invest in property in 2023, the BuyAssociation team have you covered with our guide to the top UK regeneration projects already underway this year.
Some of the UK’s biggest cities – including Leeds, Liverpool, Birmingham, and Manchester – are set to undergo massive regeneration projects in 2023, making these areas potentially very profitable for property investors across the country.
Urban regeneration is a sign of future growth and demand. This is because new amenities that improve an area are likely to attract residents and boost property prices. These UK cities and towns are leading the way with long-term urban regeneration plans, making them the top locations for property investors in 2023.
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Ongoing regeneration in Liverpool
Liverpool has undergone extensive regeneration over the past 20 years and remains a hotspot for property investors. At the end of 2022, Liverpool was deemed the best place to live and work in the country based on data compiled by financial services company OneFamily.
Most recently, the redevelopment of Liverpool Waters, a £5.5bn scheme in the city’s northern docks, has been attracting huge interest from property investors. This mammoth 30-year project will see the development of five distinct neighbourhoods across two million square metres of land, transforming the city’s historic waterfront into incredible business, residential, and leisure spaces.
The Liverpool Waters regeneration project will have a huge impact on the investability of Liverpool and its surrounding area.
BuyAssociation is working closely with Peel L&P, the developers working on the Liverpool Waters project, and has already helped a huge number of investors secure units in the first neighbourhoods within the new developments.
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Regeneration projects in Leeds
Leeds now boasts the second-largest economy in the UK after London, making it one of the most exciting property hotspots in the country.
Already soaring property prices in Leeds are expected to rise by around 21.5% in the next 5 years. On top of this, new research suggests that job prospects in Leeds rival those of other major cities like Manchester and Birmingham.
The recently completed £161 million revamp of Leeds City Station has already improved the reliability of this major northern transport hub. Additional work on the station is due to start in 2023, and will include the creation of a station district and upgrades to the surrounding public spaces. This will undoubtedly create an abundance of new homes and attract new residents to the area.
Another major regeneration project due to begin construction in Leeds is the 2.8 acre Lisbon Square. After almost a decade of planning, this £270 million development is finally on its way and will bring new residential apartments, hotel facilities, and mixed-use office space to Leeds City Centre.
It’s expected that Lisbon Square will double the size of the city centre and boost the economy of the wider city, all while offering an attractive new public space where new residents from across the country are sure to flock to.
Finally, Leeds City Council has secured £18.6 million from the ‘Getting Building’ fund, which will be spent on three exciting regeneration projects. Around £8 million is set to be spent on transforming City Park in the South Bank, while £7.4 million will redevelop Temple Green Park and Ride. A further £2.6 million will be spent on renovating older properties in the Holbeck area.
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Slough regeneration projects
You might be surprised to see a relatively small town like Slough on this list, but property prices in this area have soared in recent years thanks to a substantial regeneration scheme worth nearly £3 billion.
The Heart of Slough project is already well underway, breathing new life into the area with the development of 1,400 new homes, more than 250,000 sq ft of commercial space, and 45,000 sq ft of leisure and retail space.
Comprehensive plans to continue regenerating the town have been submitted following on from the successful development of cultural hub The Curve, including a complete replacement of the Queensmere Observatory shopping centre. With a site spanning nearly 1 million sq ft of office space and 500,000 sq ft of retail units, the proposed plan is huge and would secure Slough’s spot as one of the best commuter towns in the UK.
With so many incredible new urban UK regeneration projects underway in the town, it’s no surprise that Slough has been recognised as one of the best places to live and work in the UK over recent years.
Major regeneration schemes in Birmingham
Birmingham has seen unprecedented regeneration over the last 20 years and was recently crowned ‘City of the Year’ at the 2022 Estates Gazette Awards.
According to statistics, Birmingham’s housing market is set to see house price growth of a cumulative 19.2% between 2023 and 2027, which far exceeds the expected UK average of 8.9% over the five-year period.
At the heart of the city, the Paradise development is well underway, promising to deliver 120,000 sq ft of leisure and retail space and a whopping 1.74 million sq ft of office space to the city centre, as well as 370 new build-to-rent homes.
Birmingham has also benefited from an additional £700 million of investment spread across numerous suburbs. This investment has been a direct result of the city’s role as host of the 2022 Commonwealth Games, and there is still more to come as HS2 – Britain’s new high speed rail line – edges closer to completion.
The benefits of HS2 for Birmingham will be wide ranging, and it’s expected that this new rail line will completely revolutionise the local property market. The city is anticipating unprecedented demand from renters looking for cheaper alternatives to the capital, making this a perfect property investment opportunity.
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Regeneration projects in Bracknell
Bracknell has seen several large-scale urban regeneration projects over the last decade, which has increased the popularity of the town massively and turned it into an excellent area of opportunity for property investors.
The £770 million Bracknell Vision 2032 regeneration project is one of the UK’s most ambitious multi-phase schemes, designed to breathe new life into the town centre and cater to the ever-increasing demand for property within the London Commuter Belt.
Eight core buildings and six new squares have been created as part of this project to hold outdoor events and activities, whilst £6.5 million has been dedicated towards improving highway infrastructure.
This huge investment has ultimately led to Bracknell’s popularity skyrocketing over recent years, making the town a lucrative spot for property investors looking to advance their portfolios.
Manchester regeneration schemes
With billions spent on UK regeneration projects in Manchester over recent decades, it’s no surprise that the city has become one of the UK’s premier economic powerhouses.
House prices in Manchester have soared by 330% over the past 20 years, which is a higher percentage rise than anywhere else in the UK over the same time period. A further 18.8% growth in house prices is predicted by 2026, making Manchester one of the best places to invest in property in the whole of the UK.
Manchester has already delivered on a range of incredible regeneration projects. The £1.5 billion Spinningfields redevelopment has attracted over 150 financial and commercial organisations to the city centre. Then there’s the £2 billion MediaCityUK project that has transformed Salford Quays’ derelict docklands and is now home to major corporations like the BBC and ITV. And this is just the beginning, with much more still to come.
NOMA is an £800 million mixed-use development in the city centre that has already helped to create over four million sq ft of residential, office, retail, and leisure spaces. 4 Angel Square is due for completion this year and will bring a further 200,000 sq ft of contemporary office space to the city.
Deemed ‘the city’s greatest residential renewal project’ and comprising seven neighbourhoods, the £1 billion Northern Gateway redevelopment will see the creation of countless new homes, luscious green spaces, and improved transport links.
Similarly, plans to transform Withington Village in South Manchester have been approved. This massive two decade regeneration project will help to improve public spaces, create a more pedestrian-friendly environment, and improve the area’s walking and cycling routes.
It’s the perfect time to invest in property in Manchester, with the city having the strongest new-build market in the UK. Explore BuyAssociation’s wide range of property investment opportunities in Manchester and gain access to the best developments on the market before anyone else.
Major regeneration projects in London
As the UK’s capital, London attracts some of the most significant and well-funded regeneration in the country. London is an ever-popular location for landlords and property investors, so it’s no surprise that the city has been dubbed one of the best cities for buy-to-let landlords to invest in 2023.
Many UK regeneration projects are currently underway in East London, West London, and North London, making these excellent areas for property investors to keep their eyes on.
In East London, a mammoth 30-year plan to build 8,000 new homes and create 4,000 jobs in Thamesmead is underway, which will also include regeneration work to 5km of riverbank and 7km of canals. 10,000 new homes and seven new schools are set to be built at Barking Riverside, while the Jubilee Line is currently being extended to transform Canada Water into a new transport hub by 2029.
Meanwhile, in West London, a £26 billion project is underway to create a new transport superhub at Old Oak Common and Park Royal, as well as a new high street that will connect the superhub to Imperial College.
In North London, a new 20-year regeneration masterplan has been approved for Upper Lee Valley. Meridian Water will create 10,000 new homes, new public spaces, and community leisure facilities.
It’s forecast that rental prices will continue to increase across the capital over the coming years, making it a great time for landlords to invest in property in the area.
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