Time for work, rest and play

Lifestyles in the major Thames Valley centres, such as Reading and Newbury, are emerging as cut-down versions of UK urban counterparts. By Paul Belson The Thames Valley has become one of the fastest-expanding regions outside London, with a vibrant property market resulting from a dynamic local economy. Defining the territory precisely is difficult. For most observers it extends westwards from the borders of Greater London, encompassing Windsor and Slough, following the line of the M4, with Reading, Newbury and Swindon being main centres with Oxford and Basingstoke just inside. The major centres across the Thames Valley are now emulating on a smaller scale the changes taking place in the larger cities across the UK in terms of the “city living” phenomenon. “Changing social patterns have created the right atmosphere for urban living, with a ’24-7′ work, rest and play environment in great demand.” Oracle shopping centre influential Reading’s position at the heart of the UK’s Silicon Valley remains unchallenged. The catalyst for much of the development in the town centre and along the canal has been the new Oracle shopping centre. The city attracts affluent people, many of whom relocated there with their employers. Because of this, the residential investment market remains strong. Substantial numbers of staff are relocated to Reading by well-established local firms such as Prudential Insurance, Foster Wheeler and British Gas. Reading borough council’s local plan – to 2006 – was adopted in 1998. The plan review to 2016 is expected to start towards the end of this year. Developers have done well in the town as well as in suburban areas recently. TA Fisher, an established local developer, has built Dellwood Park, Caversham Heights, which comprises a mixture of substantial detached houses and luxury apartments. Rates are around £2,798 per m2 (£260 per sq ft) for the houses and up to £4,036 per m2 (£375 per sq ft) for the apartments. Barratt Homes’ Regent Riverside scheme, close to the town centre, has achieved around £3,676 per m2 (£350 per sq ft). Reading’s attractiveness as a business centre – especially for the IT sector – is likely to continue to be strong, reinforcing demand for property in and around the town. Demand for high-quality apartments in central locations is expected to be high. In Newbury, an increase in demand for housing has been influenced by key employers such as Vodafone. The town’s popularity has also been improved by an enhanced road and rail network. West Berkshire’s local plan to 2006 is now close to adoption, following the public inquiry in 1999. More new schemes will be coming on stream in the near future as Greenham Common, the former US airbase, is decontaminated and returned to common land. Proposed major site allocations include around 550 units at the MOD depot at Thatcham and at Newbury Racecourse. The demand for traditional homes is strong. Berkeley Homes’ scheme at Tydevale achieved more than £2,152 per m2 (£200 per sq ft). Commuter access has improved with the opening of the new bypass. House prices should continue to increase around Newbury, reinforced by its continued appeal, strong employment growth and constraints on building land supply. Housing is relatively affordable Swindon’s more affordable range of housing attracts purchasers from other parts of the Thames Valley. The town’s industrial and railway heritage has provided options in brownfield site development close to the town centre. Swindon is no stranger to large-scale residential development, with expansion north of the city expected. Affordability in housing terms remains good compared with other centres in the Thames Valley and this will ensure that levels of demand remain high. Swindon borough council’s local plan to 2001 was adopted in late 1999. A first deposit for the plan review is due to be published later this year. Swindon will continue to expand and attract inward investment. Paul Belson is residential research manager at Knight Frank Residential development pipeline Swindon has the most space in the pipeline Newbury – town centre Reading Swindon -town centre Units under construction 285 1,365 1,227 Units with planning consent 122 251 668 Units awaiting planning decision 80 424 300 Source: ABI Average sales prices: £ (000s) Swindon remains the most affordable of the major centres Newbury – town centre Reading Swindon – town centre 1-bedroom apartments 120-150 125-175 85-120 2-bedroom apartments 160-250 195-275 135-210 3-bedroom executive houses 300-325 295-325 170-250 4-bedroom executive houses 350-550 350-500 240-400 Source: ABI