The Tide is Turning for Margate Property
High levels of business confidence and easy access to the capital are contributing to the rising tide of good property news for Margate.
Since the Turner Contemporary opened in 2011, Margate has witnessed a 71 per cent increase in creative industries, transforming the local economy. Recently published research by Thanet District Council found 80 per cent local creative individuals and businesses said they felt positive about the future and 79 per cent expect their income to increase in the next five years. The respondents described Margate as a “collaborative close-knit community.”
Strutt and Parker have reported residential prices have increased by over 24 per cent in Margate, pushing the average property to 7 per cent over the national average. 70 per cent of properties in Margate are privately rented. Homes in Multiple Occupation (HMO) present a particular problem in the rented sector because some landlords are unable or unwilling to manage their properties properly.
Live Margate is a long term programme investing in creating quality family homes. The aim is to make Clintonville West and Margate Central the place where more people, especially multi-generational families aspire to live. The wider community value is to encourage investment in owner occupied homes; improving living and housing for the whole community standards.
The scheme is collaboration between Thanet District Council and KCC working with Gen² and local contractors. Five HMO properties were acquired by the project, removing some 150 bed sits. Three were presented in significant disrepair and required extensive remediation before conversion into family homes.
One property was demolished to provide five new family homes. This was recognised as the Best Small Residential Development in the 2016 Kent Design and Development Awards.
The last property is undergoing refurbishment to create a home suitable for multi-generational living and a model for energy efficiency. The final project is a further collaboration with the University of Kent to undertake an environmental analysis for the project. This will be published in 2018 to provide a benchmark for future projects of this nature.
You can read more about the scheme's community impact by clicking here >>
And details of the refurbishment project by clicking here >>