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How has the Regeneration of Highbury Affected House Prices?

almost 4 years ago
How has the Regeneration of Highbury Affected House Prices?

Property prices in Highbury continue to rise, and are up 5% from the previous year, despite the impact of COVID-19. This is largely due to the regeneration of the area, which is driving up buyer interest, and making prices increase accordingly.

Here’s more information about the work that’s been going on in Highbury, and its effect on the local property market.

Stadium-led regeneration – transforming the neighbourhood

Stadium-led regeneration is becoming an increasingly common form of redevelopment, with football clubs across the country working to improve the surrounding area, for the benefit of the community.

Arsenal Football Club are leading the way with their extensive regeneration scheme in Highbury. The scheme was triggered by their need for a new stadium, and has transformed the area significantly.

Highbury regeneration – the details

The development is largescale, covering over 60 acres of land in total, which runs between Highbury and Caledonian Road. Here are just a few changes that have happened since the regeneration project started:

  • 3,000 new homes have been built, to attract more people to the area.
  • The old Highbury stadium has been converted into apartments, as well as facilities for local residents, such as a gym and a nursery.
  • Over 650 rooms for students have been created.
  • New commercial space has been built (around 150,000 sq ft in total).
  • The football club has a new stadium.

Multiple benefits

The regeneration project offers numerous benefits to Highbury, such as:

  • More employment. For example, Arsenal’s new stadium requires close to 3,000 employees on match days, and a more appealing area means that more businesses are likely to move in, creating further job opportunities.
  • More housing. It’s not just the football club driving the property market in Highbury. For example, The Drayton Park Apartments (Galliard Homes) created 250 homes close to the stadium, and other developers have also been active in the area.
  • Improved facilities. When any area receives a ‘make-over’, it immediately becomes more appealing to homebuyers. The enhanced range of facilities are also attractive to those wanting to move into Highbury.

Highbury’s house prices

As a result of the work, house prices have gone up in Highbury. The average property price is now estimated to be around £770,000 to £840,000, which is an increase of 5% since 2019. Apartments remain the most popular type of home, and the average price for a good-sized flat in the area is now around £575,000. Terraced and semi-detached properties are also popular, especially with families looking for generously sized homes in school catchment areas. These are usually priced at £1million and above, but this still offers great value for money when compared to average London prices.

Highbury is increasingly becoming more sought-after, which means that house prices are likely to increase over the next few years. As such, if you’re thinking of investing in property in this location, it’s worthwhile buying sooner rather than later, to ensure you make profit from capital growth in the future.

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