The latest data from Halifax has shown that Luton property prices increased by 19.4% in 2016, outpacing gains across the rest of the country.
On average, properties in the town increased by £48,000 throughout the course of 2016.
When compared to the national average of 7.5%, Luton property prices increased at an accelerated rate over the past 12 months.
“Most of the areas that have seen the biggest house price rises during 2016 are either within close commuting distance of the capital or in outer London. Demand in these areas has risen as substantial property price rises in central London over the last few years have caused increasing numbers of people to seek property in more affordable areas,” Martin Ellis, Housing Economist with the Halifax.
The town’s popularity as a London commuter hotspot has helped propel Luton property prices.
High house prices in London has created and exodus of people who now see the value of choosing to live elsewhere instead.
As Luton is just 22 minutes by train from Central London, commuters do not have to travel far to get more for their money.
And it is not just commuters who are flocking to this commuter belt town.
The University of Bedfordshire, which is ranked 64th in the UK by the Times Higher Education World University rankings, has seen a rise in students studying at its Luton campus.
The town centre campus has witnessed an influx of private student developments pop up, as students increasingly understand the value of privately operated digs over HMOs.
New completed development in Luton
The latest Experience Invest completed development is in Luton’s town centre. Chapel Street comprises 87 en-suite and studio apartments which have been specifically designed for the student market.
Investors are receiving rental returns from this fully managed property investment in Luton.
About Experience Invest
Experience Invest is a specialist property consultancy based in London Victoria.
Established in 2004, Experience Invest provides investors with income generating property assets in the UK’s best performing markets including student property, residential buy-to-let, commercial offices and hotels.