Sky studios announced that they plan on building a huge site in Elstree Way, Borehamwood.
What fantastic news for Borehamwood.
Potentially bringing 2,000 new jobs to the area, Sky studios may be opening a this huge new site which will most definitely impact the property market.
Looking to the future.
I think rents will increase at a very fast rate once the studios are opened, as there will be a large influx of new employees joining the Sky team from across the country.
Borehamwood will need to have masses of landlords purchase new buy-to-lets in the area, or rents will definitely sky rocket.
The rental market from early 2017 to early 2019 has been quite flat due to Brexit and the buy to let tax changes.
However there are many reasons for this, and a few of these are correctly explained in this article by Borehamwood Property News.
Usually, a company like Sky would rent the best serviced offices in London for their staff, however, they have decided to build their own and incorporate their entire business around the studios. This means Borehamwood is seeing a huge influx of staff that would usually be based in London, potentially changing the rent prices in the near future.
Taking a view on this proposal.
I think that it is only a matter of time until the lettings market booms again.
Rental figures in the second half of 2019 have already increased at a great pace and there is scope for them to continue growing.