Milton Keynes property market soars as businesses flock here
As more businesses move to Milton Keynes, the property market is reaping the benefits of the town's new status as a business hub.
With a growing trend of businesses relocating their head offices out of London, corporate executives are following suit and are contributing to the growth of the local property market.
Business moves are having positive impact on the local property market, with house prices increasing by over 8% per annum, making Milton Keynes one of the ten fastest growing places in the country, according to Hometrack. Average rental yields have also increased, now standing between 4.5% to 5%.
Goldman Sachs, Network Rail, Mercedes-Benz, Red Bull Racing and Santander are some of the UK’s biggest companies basing offices in Milton Keynes.
The town’s location, Gigabit connectivity offering and transport connections to London and abroad, are some of the factors attracting businesses to the area.
The wider region is also investing heavily to meet this new demand. New parking facilities are popping up in town, along with more business centres opening to meet demand from local companies. A further 208,000 square metres of office space and 124,000 square metres of retail floor space are in the local council’s development plans.
Ian Hunt, new homes director at Connells, said: “The growing trend of big businesses moving out of London is set to have a substantial impact on the housing market, driving prices up in outer areas as more people relocate for work. We have already seen substantial office property growth in Milton Keynes and expect this to continue.
“More prospective buyers are showing interest in Milton Keynes due to business prospects, over the preceding popular transport links to London. While we see the region holding its second commuter belt status, there is a definite trend toward more residents residing in Milton Keynes for its business bases.”
Milton Keynes chamber of commerce chief executive, Paul Griffiths, said: “Since Milton Keynes Chamber was established in 2013 we have seen our membership grow to almost 500 members, with our membership increasing by 6% in the last year alone. The incoming business in the area has certainly contributed towards that.
“Milton Keynes boasts a vibrant and inclusive business community. Alongside fantastic transport links, an impressive Gigabit connectivity offering and continual investment, it is no wonder it is attracting firms out of the capital.”
Crest Nicholson is making its move in Milton Keynes to meet the changing demand, having recently announced that work on the £117m Campbell Wharf development has commenced and the first residents are expected to move in by Winter 2019. This exciting mixed-use scheme consists of 383 residential units, a marina and 2600q.m of retail and leisure space in Central Milton Keynes.
For those eager to buy at Milton Keynes now, Crest Nicholson’s Oakgrove Village development located minutes from central Milton Keynes offers a community of two, three, four and five-bedroom houses plus one and two-bedroom apartments.
For more information about Oakgrove Village, visit: www.crestnicholson.com/developments/oakgrove-village