Although Luton benefits from close proximity to London, it lags behind the capital somewhat, both in terms of its economy and property market. In this report we will look at regeneration, development and prospects for the future here.
Historically, Luton was a major motor manufacturing location. This industry has declined significantly in recent decades. The last major motor manufacturing operation closed this spring with the loss of around 1,200 direct jobs.
The town’s main industries and employers today are in the public sector, logistics and distribution, financial and business services, while the town’s airport has become an important contributor to the area economy. High profile companies located here include Leonardo, AstraZeneca, Ernst & Young, Easyjet and TUI UK & Ireland.
Aside from the airport Luton benefits from being a well connected place by road and rail. It is close by the M1 motorway and the Midland Main Line railway. The fastest train journey time into London St. Pancras is just 23 minutes. This has made the Luton area increasingly attractive to London commuters in recent years.
Luton is a university town. The University of Bedfordshire has around 16,000 students overall with locations across the county including a purpose built main campus in Luton town centre. As well as university halls there are a small number of PBSA blocks and students also rent in the private sector.
The town comes under the auspices of Luton Borough Council. The council has created an innovative vehicle for the development of the town by way of Luton Rising, in which it is the sole shareholder.
Luton Rising is an economic development company with a social purpose, and a trade name of London Luton Airport Ltd. The company’s assets include London Luton Airport, the Luton DART (a light rail link between Luton Parkway train station and the airport) and a number of commercial properties. Luton Rising generates an income which contributes around 15% to the council’s income and which also supports community groups and services in the town.
