Like many other "former pit villages," Pegswood has benefited from increased interest among especially young families, who are attracted to such places for the countryside and the quality of education. Since 1969, when the pit closed, the town has welcomed new development plans and new housing estates have been built in an effort by Pegswood to "reinvent itself as a cheaper rural alternative to Morpeth and Newcastle." More recent renewal efforts include plans for a facelift for its Welfare Centre and a £48,000 garden with the colliery as its theme. Local services are also being improved.