Keeping an eye on any investment in your local area’s infrastructure such as changes to roads and railways is always wise for anyone in the property industry and, for those looking to buy property to let, it can provide some very useful insights on where may be best to invest.
One way to research this is to check local newspapers, as well as the city’s Local Plan, which is a public document that anyone can view. It highlights infrastructure changes as new roads, transport links and major developments, including commercial, retail and homes.
While changes can sometimes have a negative impact on individual properties – if a home in a quiet area has a railway built nearby, for example – generally speaking areas which undergo regeneration are likely to attract more investment and, in turn, see property prices and rents rise.
One of the biggest boosts an area can receive is investment in transport, so it is good news that the Department for Transport has pledged hourly trains from Lincoln to London* as this will open up employment opportunities for the people of Lincoln, and nudge the city a little closer towards the capital’s commuter belt, with a current journey time of two hours, which is not unusual for those working in London.
This announcement follows the opening of the £30m Lincoln Transport Hub, which replaces the city’s outdated bus station, provides 1,000 car parking spaces, improves the railway station and provides retail space, all of which is helpful in driving demand and helping prices and rents to stay positive.
In the past few years there has been investment in roads, too, including the dualling of the A46 from Leicester to Lincoln, and the East West Bypass, easing congestion, improving public transport and making travel easier for commuters and visitors alike.
Looking ahead, a £21m medical school is planned** for the University of Lincoln campus, making the city a hub of medical expertise and training… and attracting more students to the city.
To find out about new developments which could affect your existing portfolio or if you want help identifying the right property investment for you, do come and talk to me as I have worked in and around Lincoln for many years and can help identify the right investment or review your portfolio for you.