With London dwellers on the move - Nottingham could be one of the most desirable hot spots for homebuyers
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Commuters looking to relocate from London and other major cities could be considering Nottingham as a go-to location due to its low house prices and good travel links, according to property experts.
From its central location in the country and extensive transport links, to its two universities, rich history and burgeoning riverside communities, Nottingham could be one of the most desirable hot spots for home buying, with the average house price in the city now £210,977*.
In recent years, the city has seen an influx in London dwellers relocating from the capital, and with the COVID-19 pandemic and the major shift to working from home, the trend of moving away from London has accelerated, with many companies giving up office overheads altogether – a change which has led to London workers having less reason to pay bigger price tags for properties in the capital, prompting a desire to live in more affordable areas.
The increase in people moving from London to Nottingham was first highlighted back in 2018, when ONS data showed that there had been an increase in Londoners migrating to the city, in a movement which marked the first of its kind in five years.
Many local experts including the chief executive of Invest in Nottingham put the influx of people from the capital down to the city’s attractive affordable house prices and lower cost of living**, and property experts at FHP Living have seen a 23% increase in enquiries from prospective buyers interested in moving from London to Nottingham this year.
According to new research from Totaljobs***, which includes a combined analysis of ONS data****, COVID-19 has accelerated the trend of migration from the UK capital, with as many as 1.6m Londoners (26%) working outside of the city during lockdown. The research revealed that the number of workers moving away from London has been increasing in recent years – and showed that for every nine adults moving to the capital, 10 were moving out.
Research carried out by PwC also suggests that London’s population could fall this year, which would be the first time the capital has seen a decrease this century. In its latest UK Economic Outlook report, the professional services firm highlights how many workers chose to leave London during the first UK lockdown to live with family members, and have since decided to make the move more permanent.
The report also cites a survey conducted by the London Assembly in August last year, in which 4.5% of the 450 Londoners polled – the equivalent of 416,000 city residents of the total population – said that they would move out of the capital within the next twelve months*****.
Nottingham has exceptional green credentials, with city council plans working towards becoming the first carbon neutral city in the country by 2028, and with East Midlands Airport in close proximity and dozens of trains each day to London – the quickest being just one hour 32 minutes, the city provides an excellent location to commute to the capital when needed, as well as other cities to the north and south.
Attractions in and around the city are plentiful – with The Peak District, Sherwood Forest and Attenborough Nature Reserve all within easy reach, as well as the world-class Trent Bridge Cricket Ground, Holme Pierrepont Country Park and The National Water Sports Centre located close to the River Trent.
Nottingham’s riverside area is currently undergoing an extensive regeneration, with several residential developments along the banks of the river under construction – including The Yacht Club; an 81-home, £25million waterfront development situated at the end of Trent Lane, Trent Bridge Quays; a 92-home riverside scheme, which is in the early stages of construction on Meadow Lane and The Waterside Apartments; a recently complete £30m development - offering panoramic views over the River Trent, the city, Trent Bridge Cricket Ground and West Bridgford.
Steve Parker, director at FHP Living, said: “With a longstanding increase in the number of people moving from the capital to other locations including Nottingham, and new research showing that this is likely to accelerate due to factors such as the COVID-19 pandemic, we have seen a 23% increase in prospective buyers enquiring about homes in the city.
“With Nottingham house prices and the cost of living being much more affordable, the city is an attractive destination for buying with exceptional travel links, opportunities for education, not to mention the city’s rich history and beautiful rural surrounding attractions.
“As a leading estate agent in Nottingham, we are pleased to see high quality homes continually being built in the area, improving the city’s residential offering for the current citizens of the Nottingham and the influx of people we can expect.
“The thriving property market complements the important work that is taking place to significantly improve the city as a whole in terms of liveability and tourism – and this work includes key regeneration projects such as the Broadmarsh area, The Island Quarter and Southern Gateway, along with other planned landmark developments on London Road, and the restoration of tourist sites such as the historic Nottingham castle and the city’s underground cave system.
“We are proud to offer new homes at a number of riverside developments, including Pelham Waterside, The Yacht Club, Trent Bridge Quays and The Waterside Apartments, each boasting spectacular waterside views with easy links to Nottingham city centre, the train station, local bars, restaurants and shops in nearby West Bridgford.
“These developments are carefully creating new communities and it’s a hugely exciting time for buyers in Nottingham as there is now so much choice in location, size and spec of homes. Being in such a central location in the country has allowed Nottingham to flourish over the past few years into a desirable city for workers looking to commute to and from London and elsewhere – you can have all the benefits and convenience of city living here, as well as abundant access to idyllic nature spots and the river, so it’s no surprise that Nottingham is viewed as a prime location for homebuyers and investors alike.”
To find out more about properties available to buy in and around Nottingham, visit www.fhpliving.co.uk.
Sources:
*https://www.rightmove.co.uk/house-prices/nottingham.html
**https://www.nottinghampost.com/news/nottingham-news/figures-reveal-more-people-move-1809922
***https://www.thehrdirector.com/business-news/covid19/covid-19-accelerates-migration-from-london-as-1-6m-plan-moves-out-of-the-capital/
****Analysis of the ONS’s “Internal migration: by local authority and region, five-year age group and sex” dataset, published 24th June 2020 and covering the period 2014-2019
*****https://image.uk.info.pwc.com/lib/fe31117075640475701c74/m/3/ab9cf413-ac81-40eb-a803-84542c05e42c.pdf