Midlands by name - and Midlands by nature - might be an apt description of the market in the East Midlands region. Capital values here are significantly behind London and the south east yet still generally higher than in the north of the country. Much the same can be said of capital appreciation - in the last few years at least price rises in the East Midlands have lagged the hotter south, yet have generally out performed property prices further north. In this report we will focus on the market in the main cities here.
Nottingham is part of the seventh largest conurbation in the UK. Official estimates suggest the current population of 319,000 will rise to 333,000 by 2024.
The economy here has moved from a light industrial to a service based one - although local economic development policy is aimed at attracting more industries that 'make things'. Financial and business services, logistics and retail are key employers, while advanced manufacturing, clean technology, life sciences and digital are emerging sectors - the city's new Creative Quarter has apparently created 650 new jobs since it was established three years ago. Bank of England Governor Mark Carney has described Nottingham as a 'bellwether' for the wider UK economy.
One of the key economic and regeneration projects underway here is the Nottingham Enterprise Zone. The EZ is comprised of part of the Alliance Boots site in Beeston and three smaller sites, the Beeston Business Park, Nottingham Science Park and MediPark site. The Boots site has recently been launched to market and will offer 900,000 sq ft of office and laboratory space focussed towards health, beauty and wellbeing businesses and 675 new homes. Forecasts are for 10,000 jobs to be created here.