UK-based residential developer Barratt London said that British Prime Minister Rishi Sunak visited its Hayes Village regeneration project to announce an additional £200 million of Government funding for development of new housing on brownfield areas in London. Rishi Sunak was shown around the scheme which has transformed a disused Nestlé factory site into residential properties.
This is the second time that Rishi Sunak has visited Hayes Village, having previously seen it when he was Chancellor during the Covid-19 pandemic. During then, Hayes Village was yet to have any customers, whereas now the site is nearly half sold.
The city is one of the favourite locations for Indian investors who choose London properties purely for its perceived value as a relatively safe and lucrative investment. Also, the rise of students coming across to the UK, market performance and consistency over the past few decades are some of the primary reasons why Indian investment in property is becoming increasingly common.
During his latest visit, Rishi Sunak announced that the UK Government would promote housebuilding in London, with the aim of putting more focus on making the most of brownfield developments close to London Underground stations.
Hayes Village will include 1,473 new homes, nine acres of parks and gardens, a community centre, retail, office and leisure spaces and a new footbridge over the Grand Union Canal and it is only a 10-minute walk from Hayes & Harlington station.
Rishi Sunak said, “Home ownership is a dream everyone aspires to, and getting the keys to your own place is a special feeling. But for too many people, the dream of home ownership feels just like that – a dream. So, I’m stepping in to boost house building in the capital, including with £200 million of funding to drive densification and regenerate unused brownfield land.”
Barratt Developments’ Regional Managing Director for London and Southern, Gary Ennis, said, “It was great to take the Prime Minister around Hayes Village and show him what a wonderful scheme it is. He could clearly see how far the development has progressed since he last visited, and what an excellent example of brownfield regeneration it is, providing homes and commercial space on the same site.”
Hayes Village, said Barratt London, is proving popular with overseas buyers looking for a home in London. With projected capital growth of 19 per cent in the next five years and expected rental yields of up to 5.9 per cent, the development offers great value for money, with new homes starting from Rs 3.5 crore.