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For decades, the UK has been facing a housing crisis. In an attempt to curb this, the government and local councils introduced the concept of urban regeneration over 20 years ago. The scheme targets areas across the United Kingdom which suffer from a dearth of jobs, poor standards of housing and a declining economy. This typically occurs in areas which rely heavily on the manufacturing or industrial sector.
Regeneration extends far beyond aesthetics and has the capacity to alter the fabric of a community. It is a long-term process that often involves restructuring transport links, amenities and entertainment offerings. For this reason, it is critical that stakeholders, local communities and councils cooperate and participate in a consultation process from the outset.
Although radical, the impact of regeneration cannot be underestimated. Areas like Covent Garden and Southbank originally began as urban regeneration projects and have since evolved to become key tourist hotspots.
To demonstrate the regeneration effect, CBRE measured the growth of seven sites in London and found that the surrounding areas yielded an average of 4.7% price growth in property. This uplift will then attract external investment and boost the local economy.
According to Seven Capital, the main regeneration hotspots in 2021 will be Birmingham, Leeds, Slough, Manchester and Sheffield. Developers are already looking at forming JV partnerships with local councils to secure lucrative opportunities.
Aside from the obvious benefits that come with regeneration schemes, there are significant challenges that must be taken seriously from the outset to determine relative success. Most local residents are often anxious about the prospect of gentrification and the threat that it poses to their continued enjoyment of their property. To avoid causing unnecessary delay, it is critical that residents are invited to take part in the consultation process and that they are given a platform to voice their concerns.
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