Tottenham is located north of London and is part of the Borough of Haringey. It used to be part of the Municipal Borough of Tottenham from 1850 until it was abolished in 1965 to be succeeded by the London Borough of Haringey. The area is centred on the Tottenham Hale station, which used to be industrial in character. Today, the industrial sites are mostly gone to give way to huge residential developments and a retail park. At present, there is a big housing project presently under construction and the Haringey Council is also finalizing the area’s regeneration plans.
Noteworthy Features of Tottenham
The area features a strong community with a rich history. It is also home to the best transport links in the northern area of London. It also takes pride in its leading league club as well as a thriving business community. Despite all of these noteworthy features, its officials believe the place has the potential to become even better.
Regeneration projects are already in the pipeline with plans that aim to meet the priorities of its residents toward more job opportunities, as well as better housing. Its regeneration plans also aim to improve the already efficient transport links.
Tottenham regeneration at a glance
The regeneration of Tottenham is one of the biggest growth opportunities in London. According to official estimates, more than £1 billion pounds will be poured into the area to be used for housing and infrastructure developments. The goal of government leaders is to make Tottenham an attractive and affordable option for property investments.
One of the notable regeneration projects being done in Tottenham is the new stadium and its surrounding area. Scheduled to open in April of 2019, the construction cost for the stadium alone is estimated to be anywhere between £350 and £400 million. The entire project, which includes the development of the stadium’s surrounding area is placed at £850 million. Another noteworthy regeneration project is the upgrading of the London Overground. The goal is to provide faster services as well as bigger and less-crowded trains.
Current State of the Tottenham Property Market
While there is a general sentiment of adopting a wait and see attitude post Brexit, most property experts believe that Tottenham will endure. In fact, experts see Tottenham as one of those areas in London that are defying the supposed effects of Brexit. Today, it is one of the places in London where rental property prices continue to increase despite the predictions of doomsayers. Many now view Tottenham as among the hottest property markets in London.
A peek at Tottenham’s Property Details
It can be said that Tottenham is a work in progress as it takes its step towards the early phase of its regeneration project. Nevertheless, the property market is already feeling the positive effects of it all. Today, the asking price of Tottenham real estate properties is now at £400,000. Property experts say yields are as much as 5% per annum plus a possible capital growth of approximately 8% with completion upside. With all these positive developments, Tottenham may well be on its way towards becoming one of the hottest property markets in London.