Hinkley C fuels the local property market
Prices rising with influx of buyers
It’s an epic feat of engineering that is transforming the landscape and local housing market. Hinkley Point C is eye watering in its scope, projected to cost £20 billion with 1,700 workers presently on site, rising to 5,600 before completion in 2025.
Where will they live? The workers at this stage are mostly short term, one or two years, so they’re renting rather than buying but before long there will be people moving here for longer, many of whom will be looking to buy.
As a result of this, values are rising in the area. According to Zoopla, Taunton prices rose 6.6% in the past year with those in Minehead up 3.7% and Bridgwater a heady 7.6%. This is despite EDF itself building temporary accommodation units for 1,500 workers which will help to ease some of the housing supply shortage.
A feature in last Saturday’s Telegraph newspaper reported that investors are now flocking to the area, with a significant effect on new build prices. It also said more ambitious investors are looking for large houses for renovation together with old schools and nursing homes ripe for conversion. Less affluent house hunters will be after 2 and 3 bedroom homes – bad news for local first and second time buyers who could be priced out.
We’re yet to be sure of these effects kicking in around Taunton but the Telegraph feature added fuel to the fire with the closing quip: ‘The streets of Somerset may not quite be paved with gold but for some at least they appear to be benefitting from the proximity of uranium”.
We shall see.