Recent analysis by peer-to-peer real estate investment platform easyMoney has indicated that the Government’s Levelling Up projects could add as much as £18,000 to local house prices in areas targeted by the Chancellor’s Spring Budget.
The Levelling Up initiative, relaunched by Chancellor of the Exchequer Jeremy Hunt, aims to distribute opportunity and prosperity more evenly across England.
easyMoney examined property prices in the targeted areas to determine the potential impact of the Levelling Up projects on the housing market. The government has divided the areas into three categories: Levelling Up Partnerships, Levelling Up Regeneration Projects, and Levelling Up Capital Projects.
The 20 areas identified for Levelling Up Partnerships will receive a share of over £400m for place-based regeneration. The Levelling Up Regeneration Projects will see 16 projects backed by £211m across England, while the Levelling Up Capital Projects will invest £58m in three projects in the North West.
CBRE suggests that regeneration can boost local house prices by an average of 3.6%. According to easyMoney’s projections, the London Borough of Waltham Forest could experience the most significant increase in house prices.
Jason Ferrando, CEO of easyMoney, commented on the findings: “Levelling Up is an extremely earnest attempt from the UK Government to address the severe imbalance of wealth distribution across England.
“It identifies local areas that have long been neglected and provides them with an injection of cash and development to create more opportunity for employment and prosperity.
“Of course, more employment opportunities and a boost to the economy and infrastructure is also likely to have a positive knock-on effect within these local housing markets.
“This is great news for homeowners and property investors alike and should also help to level the playing field in what is currently an imbalanced property market.”
