4 Great Reasons to Invest in Buy to Let Property in Croydon

Croydon, town and borough, is thriving. And it is no wonder as, with such a significant level of investment, the area has recently been named the UK’s fastest growing economy. Here’s a look at some of the large scale development projects that are currently underway or in the pipeline, which could make Croydon a lucrative place to invest in buy to let property.

Thousands of new homes, transport upgrades and public squares all form part of the exciting plans for Croydon town centre.

The Croydon Growth Zone, set up in 2016 with the goal of creating 10,000 new homes, public squares and retail development in the town centre by 2031, comprises 46 projects, from new flats to road and parking upgrades. The Growth Zone is a partnership made up of Croydon Council, the Greater London Authority, Transport for London and central government. It consists of a 12-year programme designed to encourage private investment in the town centres to the tune of over £500 million.

Public transport investment

Great transport links are vital when choosing a place to invest in rental property. Croydon is one of the best connected areas of London, served by four rail stations: East Croydon, West Croydon and South Croydon in Zone 5, and Norwood Junction in Zone 4.

As part of the Croydon Area Remodelling Scheme (CARS), the most significant element of the Network Rail Brighton Main Line upgrade, East Croydon Station is poised to grow in size, with Government funding set to boost the platforms from six to eight. A new concourse is in the pipeline, aimed at connecting the platforms directly to the town centre. Plans also include the creation of new homes around the station, together with a series of railway flyovers with the goal of easing congestion in the area.

Norwood Junction Station is also being remodelled, allowing more trains of a larger size to stop and open all doors. The signalling system is also earmarked for an upgrade, and new lifts and footbridges will improve accessibility.

Road network improvements

Situated within the A23 corridor, Croydon links London with the south coast. It is under 10 miles from the M25, and only 15 minutes from central London and Gatwick Airport.

There are various road network improvement schemes on the agenda, including the Fiveways Scheme, as well as the aforementioned Croydon Area Remodelling Scheme.

The Fiveways Scheme will see the bridge over the railway moved west, meaning the A23 will be straightened and widened, helping to ease congestion at this notoriously busy junction. Motorists will also enjoy shorter waiting times thanks to the relocation of Denning Avenue to the north so that a second crossroads is created with Stafford Road.

These plans are set to create more than 300 metres of new cycle lanes along Epsom Road, the A232 and Purley Way, and there will be waiting areas for cycles at each junction.

Housing development

Croydon’s housing scene is set to increase considerably courtesy of a number of high-investment developments.

Essex House, the former headquarters of British Rail, is being redeveloped into more than 500 residential homes, built over offices and shops. There will be two rooftop gardens for residents to enjoy, as well as an enclosed winter garden.

Nearing completion, the Taberner House development will create 500 homes, with over 40 per cent of them being classed as affordable.

There are also plans to the tune of £500 million to redevelop St George’s Walk, which will see new shops and hundreds of residential dwellings incorporated around a large public square.

The multi-million pound Carolyn House development completes the list of Croydon housing development schemes, with 182 apartments plus retail space on the agenda.

Cultural enrichment

Following a multi-million pound makeover, the Fairfield Halls were formally re-opened in 2019 by Mayor of London Sadiq Khan, with actress Dame Judi Dench cutting the ribbon on the Ashcroft Playhouse.

The newly refurbished venue has brought a revitalised programme of culture, events, entertainment and arts to Croydon and its wider communities.

The area has also been awarded the title of London Borough of Culture 2023, winning £1 million worth of funding for cultural events.

Thinking about investing in Croydon property?

Growth in Croydon is 3.7 per cent higher than the London average. The area is also reported to have the second fastest expanding local economy in the whole of the UK, with a 9.3 per cent growth rate.

If you are considering investing in property in Croydon at such an exciting time of regeneration, why not think about protecting your buy-to-let with a guaranteed rent scheme from a Croydon property specialist?

At homes2let, we offer a full property management service with the added advantage of a guaranteed rent scheme which returns you a greater yield, whilst reducing your investment risk by guaranteeing your monthly rental payments, even during void periods.

Why not contact Croydon-based homes2let to learn more? Our expert team has specific expertise in the Croydon property investment market, and is ready to share in-depth knowledge to help you get the most out of your Croydon buy to let venture. Please feel free to get in touch today.