Could the most deprived area in Britain be the place to invest?
The city of Detroit has long been a no-go area and its decline from an automotive giant to a capital of deprivation has been well documented. Britain’s equivalent is a small seaside village named Jaywick, near Clacton-on-Sea in Essex.
This coastal resort was declared “the most deprived area in England” according to the Indices of Deprivation in 2010 and four out of ten of Eastern England’s ten cheapest streets in which to buy property are located there. It was planned as an affordable holiday retreat for Londoners in the 1930s but decline set in after many of the original sub-standard holiday homes became permanent residences.
Labeled a youth unemployment hotspot and a location in the violent gangster movie Essex Boys, the area is part of the constituency of the Tory turncoat and now UKIP candidate Douglas Carswell MP. Many homes are derelict but plans that are underfoot to demolish many of them give hope for the future.
Despite having undoubtedly many flaws, Jaywick is just 83 miles from Central London and has streets named after Britain’s best cars: Hillman, Wolseley and Bentley. A habitable 2 bedroomed house could be had for as little as £52,500 and hope for the future can be seen in such developments as the village’s Martello tower having been converted into an arts centre.
Wannabe property investors would do well to consider Jaywick. The fallen marque that is this seaside village is a phoenix that could once again rise from the ashes.
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