Wembley is an actual area located in northwest London, not just a stadium or arena as others would assume. It is part of Brent, one of the London Boroughs. History says that Wembley derived its name from its Old English proper name of Wemba and lea which means meadow. The charter of 825 of Selvin is believed to be first to make mention of the name Wembley, though it was initially spelt Wambeleye. Its charter date as a municipal borough was 1937 and in the mid-60s, it merged with the Municipal Borough of Willesden, creating the London Borough of Brent.
Wembley Area Features
The most popular feature of Wembley, apparently, is its world-famous stadium which is owned by the Football Association, the governing body of English football. Its headquarters are located within the stadium. The stadium can seat up to 90,000 spectators and is adjudged as the largest football stadium in England and the United Kingdom.
The Wembley stadium is only one of the features of Wembley Complex, which is itself a part of the greater Wembley area. Previously known as the Wembley Park, the name was changed during the 1970s into Wembley Complex. It included the stadium and the Wembley Arena, as well as buildings like the Esso Motor Hotel and the 722m2 Greenwich Rooms. You can also find the Wembley Conference Centre and a triangular office block with a futuristic look called the Elvin House.
The Rebirth of Wembley
In January of 2015, the Wembley Area Action Plan or WAAP was adopted and provided for the framework on how Wembley should develop until the year 2030. Today, it is home to one of the biggest regeneration projects in England. The Mayor of London has announced that the new Wembley will be able to accommodate around 11,500 new homes and generate 10,000 jobs. Such new jobs will be created through site developments along the Wembley High Road, as well as the surrounding area of the Wembley Stadium.
These developments are helping stabilize the real estate market despite the gloomy predictions brought about by Brexit. Financial experts in London say regeneration projects in the area appear to buoy home prices within a five-kilometre radius. This is good news for those who are already living or buying a property in the Wembley area.
Wembley Property Financials in Detail
In the span of just a couple of years, property experts note an increase in the number of property investments in the Wembley area. Most of them attribute this to the recent regeneration projects, which some reports say, amount to billions of pound sterling. With the Mayor announcing the development of new commercial and residential buildings in the next five years, it is not surprising if interest in Wembley is also rising.
At present, Wembley takes pride in its rental yield of 5% annum with opportunity for huge capital growth of more than 8% and completion upside. Its median price for a flat is at $400,000 and around $900,000 for houses. The average property rents per calendar month in the Wembley area is around $2,000 while the median rent is approximately $1,900.
It is unclear whether the current financial state of the property market will be greatly impacted by Brexit or not. Analysts, however, say that with the present trend and with a huge regeneration effort, the impact may be minimal to none.