The government recently earmarked £1.5 billion of funding for brownfield land property regeneration that has now become a promising investment opportunity. This funding aims to unlock capacity in the wake of continually escalating prices of land and property. The Department for Levelling Up, Housing and Communities (DLUHC) plans to start property regeneration on the Wolverhampton to Walsall corridor in the West Midlands urban area. The Sheffield area is set to receives £37 million with 18 other locations to be announced.
Despite Greater Manchester, West Yorkshire and Tyne and Wear set to join the regeneration projects, this potential is met with caution. Only 10% of landlords in the South East are considering taking our a BTL up North, according to Paragon Bank. Private investors tend to prefer sticking to areas they already know, and lenders are cautious with areas under regeneration due to the sudden costs that can incur. Building materials and labour is currently in shortage, adding to that risk.
Private investment in new build to rent (BTR) housing has seen consecutive years to growth. In 2021 £4.3 billion of private investment was fueled into BTR, and 76 per cent of it was invested outside the capital, according to Knight Frank. Wolverhampton and Sheffield are about to grow by 6000 homes, with semi detached homes leading the way.
Reddbox has new insurance products in the pipeline so you can take out insurance, manage your plans, and streamline your property management all in one app, so hang in there!
Our offer: Download the app and start saving time managing your properties. Follow the screens to provide your details, and that’s it. Some of the key features why you should consider Reddbox are –
- A completely app-based, super simple service booking process.
- Options to pay for the service over a few months without any additional interest or fee. See our rates here. Be quick, we are running promotional rates at the moment.
- You can book the service seven days a week, which means no need to disrupt your busy day.
- A very transparent cancellation and refund policy.
- And the best one – Reddbox will automatically organise all the relevant documents such as invoices and certificates.