The impact of the Covid-19 pandemic on the real estate market is undeniable, with house prices increasing by 9.8% in March 2022 compared to the previous year. The impact of the closures has also led to a change in consumer habits, with many shoppers seeking more outdoor space.
Therefore, it may come as a surprise that homes near Land Trust sites in Hampshire are often more affordable than those in surrounding areas. Research by Whitehill & Bordon Regeneration Company (WBRC), which used data from Rightmove, Property Data and UK HPI, showed that these sites are now attracting buyers who want to buy a new property.
Land Trust sites are areas where green spaces are created to provide environmental, social and economic benefits. They are often levied on landowners who cannot maintain the management of a territory.
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The Land Trust Charity provides long-term funding for abandoned land to ensure its sustainable future. These sites include Knowle Haven Nature Reserve near Winchester.
As the most expensive city to live in the UK, most people can’t afford properties in Winchester, but properties on the Land Trust site cost an average of £366,404. This earned them a price 25.6% below the local authority (LA) average of £492,662.
Similarly, homes near the 110 hectares of forest, wildlife habitat and lakes that make up Wellesley Woodlands near Aldershot were 7.1% cheaper than others in the area. Those moving near the Spinney Land Trust site in Basingstoke could get property 2.6% more affordable than the local area.
Meanwhile, at Whitehill & Bordon, Hogmoor Inclosure and Prince Philip Park, prices are 1.9% more affordable than the Los Angeles average. However, an analysis of current buyer demand in these areas suggests that this is changing.
While the derelict nature of the sites had previously deterred buyers, demand for homes near Land Trust sites is, for the most part, increasing as the sites are improved. For example, demand for properties near The Spinney is 9% higher than regional demand in the South West.
Therefore, although prices are currently lower than expected, the increased demand for properties on Land Trust sites is expected to increase as the housing market fluctuates. WBRC’s James Child says: “Land Trust sites are created on formerly derelict land, turning unwanted places into places of natural beauty. That’s why these affordable prices won’t last very long, as proven by the high demand from buyers. .”
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