London Borough of Brent - more than just Wembley
The London Borough of Brent has a wide range of housing from the new build developments around Wembley Stadium in North West Village through to detached and semi-detached properties all the way up to Harrow School. There are incredible development plans in Brent and also in the local areas including the planned Old Oak Common Station (24,000 new homes) and the Park Royal Area of Opportunity. Queen's Park Place near Queen's Park station is another showing the desire in the area to develop and build in anticipation of growing demand.
Index of Multiple Deprivation
The Index of Multiple Deprivation uses 7 aspects of Deprivation to rank all postcodes against each other in relative order:
- Health deprivation and Disability
- Education Skills and Training
- Barriers to Housing and Services
- Living Environment
Property Transactions Rising Again
At the turn of the century, Brent was right in the middle of all London Boroughs for the number of transactions, coming in 15th out of 33 with 4,426 in the 2000 financial year. In 2010 Brent had fallen to the 4th worst in terms of transaction with the City of London not really counting! This number is back on the rise in the last twelve months and is now catching up with the London average although still under the number from 2005:
North West Village, Wembley
The North West Village in Wembley is a development by Quintain Properties in partnership with Brent Council and a number of other developer partners. The development will cover a spprawling 85 acre site adjacent to Wembley Stadium after Quintain started buying up land in the early 1990s before the Old Wembley had even been knocked down.
Quintain are loathe to expand on exactly how many properties will be built on the site but with 10,000 full time jobs being created by the development that will be "a beacon of sporting architectural excellence that wil boast a comprehensive range of high quality hotels, leisure, commercial, residential and retail activities, all in a contemporary, lively and distinctive setting."
The first stage of the development was Forum House (where SellMyHome.co.uk sold two properties recently saving our vendor £10,000) completed between 2008 and 2010. There was then a wave of hotels followed by the second residential project - Emerald Gardens.
Alto will come next in August 2017 and Quintain will continue to develop the area until 2030 with an approximate 500 homes added per year. This huge investment will be looking to transform an area that was once a destination for events into a residential area with its own community and lifestyle. There are a number of retail and leisure projects planned along with parks, a landscaped podium courtyard deck with water feature and much more.
Currently, 4,000 workers come in every day to North West Village and with more development to come it is sure to be a boost to the local area.
The New Old Oak Common Station Development and Park Royal Area of Opportunity
The Mayor Of London has outlined several areas of London as Areas of Opportunity for which a planning framework has been laid out. Old Oak Common/Park Royal has been classified as one of these and is in line for some major redevelopment. Queens Park Rangers are looking to move their historic ground Loftus Road into the Oak Common, Park Royal area has a 40,000 seater multi-functional stadium:
The proposals are still in draft format after various consultations with local residents and the representatives from the various London Boroughs that will be involved: Ealing, Brent, Hammersmith & Fulham and the Royal Borough of Kensington & Chelsea which is adjoining to the area. Initial signs are positive and we could well be seeing the UK's largest industrial site turned into a multi-use development with some 24,000 homes and the promise of 55,000 jobs attributed just to the Old Oak part of the development. Park Royal is expected to provide a further 10,000 jobs and 1,500 homes.
Things are looking up for Brent if the stakeholders can come together and move quickly.
House Prices in Brent
As you can see from the graph above flat prices in Brent remain firmly below the London average and with so much development planned in the area we can expect to see this change over the next five to ten years.The Old Oak Common Station will add some much needed connectivity to this part of London and will, if HS2 comes to fruition, be a huge interchange between Crossrail and HS2.
Brent - the borough of opportunity
From North West Village next to Wembley to Old Oak and Park Royal in the south of the Borough there are some really positive signs ahead for Brent. Just south of the Borough there is the redevelopment of the old BBC site which will remove the former blockage that existed in this area. Brent is ready to become the Stratford of the West.