Luton 2040 Vision Takes a Step Forward with New Funding
Ambitious regeneration plans for Luton town centre took a step up in 2021, after a successful bid for £20 million from the Department of Levelling Up.
Announced in the Autumn Budget 2021 by the Chancellor in October, the cash injection has been welcomed by the council to use as part of their Luton town centre masterplan.
Known as the Luton 2040 vision, the council announced the project earlier this year, which will see Luton town centre completely reimagined.
Luton Town Completely Reimagined
Nicola Monk at Luton Council said: “This announcement is great news for Luton town centre.
“Improving the centre will generate further town-wide investment, as well as enhancing productivity, an inclusive economy, sustainability and greater well-being so that all our residents can thrive and no one has to live in poverty.”
Now following this successful bid, plans will see a multi-purpose development known as The Stage introduced into the town centre.
The regeneration project will see the development of 372 new homes, additional retail and business space, an auditorium, and a cycle hub.
This is not all you can expect for Luton in 2023 and beyond. Further plans will see work in the areas surrounding the famed Hat District, Luton station, and Luton town’s football stadium.
The latter is set to see huge regeneration, with a new Luton Town Football Club stadium proposed that will seat 23,000.
What Happened to Luton Investment in 2021?
These announcements will be welcome news for both Luton residents and prospective investors.
The Luton property market is one of the worst kept secrets amongst UK investors, with more and more landlords looking at the opportunities in the area.
Over the last 12 months, the average Luton property price has soared by 8.77%, according to Land Registry data. For context, this is higher than the likes of Manchester, Birmingham, and London.
Thanks to its ideal location just 22 minutes from London, the Luton property market attracts a tonne of tenants looking to work in Central London without paying the sky-high rent in the capital.
Luton was voted London’s best commuter town in 2021 and was also named the UK’s best buy-to-let location for three consecutive years by the LendInvest buy-to-let index.
In fact, property investment in Luton town has been so impressive that it featured in our list of the best places to invest in property in 2023.
With ambitious regeneration on the horizon, it seems Luton property will continue to grow in value over the coming years, with predictions from Savills suggesting a 10.4% rise in prices by 2026 in the South East.
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