Dunstable average property price growth was 18% in 2016. Are we likely to see property prices continue to rise in 2017 ?
At last months Luton Property Investors Network (Luton PIN) meeting which had around 50 property investors and landlords many who had seen the recent Halifax report putting Luton in first place in the UK for house price growth in 2016, an article that put Dunstable in 3rd place for house price growth in 2016. Very pleasing for many of them who had made the decision to invest in these areas and the feeling from those investors was that Dunstable and Luton were still areas they should be investing in.
Since the beginning of the year I have seen an increase in the number of enquiries from investors who are looking to invest in the area, are in the process of completing on a purchase of an investment or have seen the recent report and have called me to discuss why we have seen such growth and if Dunstable is a good investable area.
It is also exciting to see 2 large developments in Dunstable that I highlighted in articles last year have now started on site.
One is a residential development with a LIDL supermarket on the Luton Road next to the BP garage as you approach Dunstable from Luton. The site which has been derelict for a number of years is full of heavy machinery as any existing buildings have been demolished and the site has been cleared and levelled. There was a slight mishap before Christmas when the workmen went through a water main cutting off the water supply to a large area of Dunstable for a number of hours. Hopefully they have now noted where that is !
The second site is behind the new Priory View development on Church St just after the Busway bridge as you enter Dunstable. Many might not have noticed anything is happening here yet but Persimmon Homes have started work on a very large site with planning permission for around 160 residential units although they did resubmit planning permission last year to increase this to around 300 units. There is a marketing suite already in place but not in use yet.
Work has started again this week on the old Woolworths site in Dunstable Town Centre, the Star & Garter pub which has been closed for a couple of years and recently was home to some raving squatters is going to be redeveloped and as also noted in one of my articles last year the derelict site opposite the Incuba building on Brewers Hill Road has had planning permission submitted for a development of around 60 homes.
This shows the confidence and demand that housebuilders are seeing in Dunstable making it an attractive location for buyers and investors from London and the local area.
Daniel Bourke is the owner of Belvoir Lettings Dunstable and in his previous career in Architecture he was an Associate in a leading London Architectural practice