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In the past year house prices in Swindon were 7% up on the year before and 25% up on 2014 when they averaged at £171,600. In October 2015, the average price for a flat in Swindon was £119,543 while by October 2016, this had risen to £136,182; a rise of 14%. This growth is expected to continue on an upward trajectory due to the electrification of the Great Western Mainline, pushing property prices up all along the route.
Most of the sales in Swindon over the past year were terraced properties which on average sold for £186,922. Semi-detached properties had an average sold price of £231,039 and detached properties averaged at £328,348.
Property prices in the town have risen dramatically over recent years and are predicted to rocket by up to 40% over the next 5 years. Low interest rates and a lack of housing supply is supporting price growth, giving investors increased confidence in the market. A study by Lloyd’s Bank on the UK’s cheapest commuter towns revealed city workers buying homes in Swindon will save on average £400,000 compared to central London property prices. Swindon Borough Council reported in 2017 that 22,000 new homes need to be built by 2026 to keep up with demand and the economic growth of Swindon. Since 2008 the numbers of houses built in the Borough has fallen every year to the point that during 2012 / 2013 just 520 houses were completed in Swindon. This represents just 26% of the completion rate that was being achieved in 2007/2008.
Swindon town centre is going through its most dramatic and exciting period of regeneration in over 50 years, with a new business district, cultural quarter, shopping area and leisure complex being developed over the next few years. This £750 million transformation is designed to attract new businesses, residents and visitors to Swindon, as well opening up a number of new opportunities for investors. One of the most innovative and knowledge intensive places in the UK, Swindon has the 7th most productive economy with a value of £6.6 billion per annum.
“As Swindon continues to grow through inward investment, it has earned itself a reputation as the UK’s 7th most ‘investable’ city in the UK.”
Pharmaceuticals, banking and professional services, automotive and advanced engineering and the digital economy contribute to a thriving business base of 7,500 companies. Swindon has a buoyant, productive, private sector dominated economy with hard working skilled residents. A current population of 216,000 is anticipated to grow to over a quarter of a million by 2026. Swindon has 112,000 jobs with recent strong growth in banking and professional services, the digital economy and construction sectors.
The last census found that the average household size is 2.38 people. The population breakdown was 20.96% 0–15 years old, 72.80% 16–74 and the remaining 6.24% were 75 years old or over. Approximately 300,000 people live within 20 minutes of Swindon town centre.
Swindon has a number of primary schools and secondary schools with sixth-form colleges. However, it is the UK’s largest centre of population without its own university.
New College and Swindon College cater for the town’s further education and higher education requirements, mainly for 16- to 21-year-olds. Swindon College is one of the largest FE-HE colleges in southwestern England, situated at a purpose-built campus in North Star, Swindon.
Transport and connectivity have undoubtedly contributed to the increase in trade within the region and the growth of economy. Swindon sits on what is known as the M4 corridor; an area of land that spreads between London and South Wales featuring a number of important cities and towns that are interconnected by the M4 motorway. As part of the M4 corridor, Swindon is connected to London, Swansea, Bath, Cardiff, Bristol and Reading to name just a few.
Alongside the M4 corridor, connectivity to and from Swindon is bolstered considerably by the Great Western Main Line. A line running between London Paddington and Bristol Temple Meads connects Swindon with surrounding towns. The Great Western Main Line Electrification Programme, scheduled to complete by 2018, will decrease commuting-time between Swindon and London to just over 40 minutes.The electrification of the rail-line will also lead to the increase of house prices in the area.