There has been a surge in homes entering the market for sale across the London Borough of Hillingdon after the government announced its intentions to move ahead with the third runway at Heathrow.
At the end of January the government spoke to an audience of business chiefs at Siemens in North Oxfordshire, with the Chancellor setting out the government’s latest string of reforms to help boost economic growth.
Amongst them was its for a third runway at Heathrow with the government inviting proposals for the project, news which was met with concerns from local residents.
Now the latest property market analysis from Benham and Reeves suggests that there has already been a surge in homeowners looking to exit the borough, as the level of stock reaching the market since the announcement has increased considerably versus the level of stock seen the previous two weeks.
LARGEST INCREASE
n the two weeks since the government announced its support for a third runway at Heathrow, 268 homes have been listed for sale across the London Borough of Hillingdon – up 19% compared to the two weeks prior and the ninth largest increase of all London boroughs and considerably higher than the London average of just 2%.
And in the two weeks prior to the announcement, Hillingdon ranked at number 20 with respect to new homes listed over a 14 day period as a proportion of total for sale stock. Since the announcement, the borough has climbed to number 14 in the table.
VITAL FOR GROWTH
Marc von Grundherr, Director of Benham and Reeves, says: “The government clearly views a third runway at Heathrow as a vital aspect of its growth plans and there’s no denying that it would bring considerable benefit to the capital as a whole.
“However, this benefit could well come at the expense of homeowners in Hillingdon, who are set to endure a considerable period of disruption whilst the project is implemented, not to mention the further strain on local infrastructure and the increased noise pollution.
“So whilst we’ve certainly seen a higher degree of recent market activity across some boroughs of London, it’s clear that since the announcement, there has been a notable surge in seller activity across Hillingdon, as the go ahead for a third runway pushes many off the fence and into the market before property values are negatively impacted.”
