Hello Medway Property Investors,
It really is an exciting time to be in the Medway rental market! Not only have local house prices increased by 10% over the past year, but there is a significant amount of development taking place as Medway Council really does support a Medway Towns transformation!
Significant development within an area is an extremely positive sign for property developers as it highlights demand and future growth potential and the savvy investor will be able to identify this early, invest and then reap the rewards as the area becomes even more desirable, leading to an increase in rental demand, rental rates, and property prices.
So, what has Medway Council got up its sleeve? Well, on Tuesday 28th September, cabinet members were asked to ‘give the nod’ to the publication of a draft local plan which will form the next stage in Medway council’s masterplan for development.
Following this approval, the plan will be presented during a meeting on Thursday 7th October and then a six-week public consultation (which will be interesting to see as it is very common for residents to bring several objections when it comes to new homes!).
So, what’s in this long-anticipated plan? Well, we will have to see the full details when they are released, but a large part will be regarding the future of the Hoo peninsula, where the council is looking at spending £170m from the government’s Housing Infrastructure Fund to support new road and rail improvements alongside around 12,000 new homes!
This is the fourth and final project phase, with the last phase taking place back in 2018, so this new stage is extremely positive news for local investors! I’ve tried (and failed) to find you any juicy gossip apart from the fact that plans are not expected to be adopted until 2023 at the earliest. However, this certainly gives time for investors to make a move before developments are confirmed and property values inevitably increase.
It’s certainly interesting to see how Medway Council has a target of around 1,600 new homes each year and it has only reached around half of this over the past three years. Given this and the added pressure from central government, it would not surprise me if development plans sail through!
When plans are available for viewing, I will give you a detailed update as they will really help you make all the more informed investment decisions. It will certainly be interesting to see a like-for-like comparison in the next decade and it would be good to hear what you think of the plans along with the future potential for the area!
I trust that you found this article helpful. If you are looking to invest in the Medway Towns, remember that you can book an in-depth two-hour discovery session for £249 here. Other than this, the best way to reach me is by messaging me on LinkedIn.