Central Government and Local Councils often undertake a strategy where regeneration of old
infrastructure is remodeled to meet modern standards – unlocking new opportunities to create
new pockets of high value housing areas. Regeneration in a local area, if significant enough can
often contribute to property price changes in the future.
Plans have been approved to work on what is called “Minster Quarter” in Reading town center –
which includes the Magistrates Court, Civic Offices, Reading Police Station & Broad Street
Mall. This type of large scale development coupled with the Station Hill regeneration will
transform the town center as we know it.
The transformation set for Reading will see the town occupied by more flats and apartments
rather than the traditional residential homes as the London commuter belt starts to empty out and
buy property in Reading and become locals.
The plan in Minster Quarter will see the construction of 1,100 homes, as well as offices and
public squares. The development is likely to attract many residents because of the availability of
high-quality housing. The development also considers the amenities that people need, including
new offices, malls, and other facilities that make the town desirable for living.
Thus, property owners are likely to reap big from the redevelopment of the town. Moreover,
even after the council-led development concludes, the town will continue to attract developers to
regenerate the remaining places hoping to capitalize on any price rise momentum, especially
within the immediate vicinity. Thus, property owners have a huge opportunity to remodel their
properties and reap from the rising property prices.
The presence of new businesses in the area will boost the economy of Reading because of
increased employment opportunities and income.
A thriving economy is another factor that determines the prices of property. For instance,
businesses and people will have money to invest back into the economy, and one main area of
investment is again, – real estate.
The development is likely to drive up the rate of consumerism in Reading. In turn, consumerism
attracts multinationals, including retail and food chains. Currently, American fast-food
companies: Tortilla, Wendys, and Wingstop are already entering the market in Reading town
owing to the recent and ongoing developments. Even far east fast-food companies such as
Jollibee has emerged in Reading recently. Places with popular food and retail chains are
considered high-end places. Moreover, the presence of such chain stores makes places appear
lucrative, making the market appealing to other small businesses. The increased attraction of
businesses and multinationals makes property prices rise. And so, Reading’s economic trajectory
continues to shift up to the next gear