CITY LIVING: EVOLVING AND THRIVING
“CITY living” housing appeals to the young professionals – but also to older people who return to NG1 when the children have flown the nest.
And city living may have reached a plateau in terms of supply and demand - but the area is moving into a positive new phase of its evolution.
These are just two key findings of two reports into the state of the city centre housing market in Nottingham which will be launched to an audience of agents and business people in the city on 18 June.
The first, called Central Nottingham Housing Market Report, has been commissioned by Nottingham Regeneration Limited and Nottingham City Council. The second, the City Centre Living Survey, commissioned by Nottingham City Council is the first time that a survey of its type has been done to find out more about people living in the new generation of ‘city living’ apartments in NG1.
Central Nottingham Housing Market Report describes a “maturing city” which is still catching up with the rapid residential expansion experienced in the mid-1990s.
It notes that while there has been an impressive take-up of the properties in hotspots like the Lace Market, a spate of “speculative development” in the last decade means there is currently a surplus of accommodation - especially smaller one-bedroom units - making it a ‘buyer’s market’, says the report.
But those who have made NG1 their home, typically affluent young professionals or students, are very happy with the area, it says.
And the boom in businesses serving the new community have made city living vibrant and appealing as well as convenient.
While the city centre has been a hit with the career-minded 20 and 30-something demographic, the future of the market depends on attracting a wider range of occupants, the research concludes.
Developers interviewed for the study have been open-minded about providing accommodation other than one and two-bedroom flats in central Nottingham.
Regeneration zones could encourage a wealth of townhouses, mews houses, larger apartments, crash pads, eco-homes, live-work units and serviced apartments to spring up.
Among the elements needed to encourage a greater variety of buyers are access to good schools, more shops, surgeries, safe and relatively low-traffic roads, off-street parking and green open spaces.
The 74-page report shows:
• Demand has risen significantly within the city centre
• The population grew by 90% between 2001 and 2005 with a majority of this growth being associated with inward migration from young, childless adult households employed within ‘higher order’ occupations on or above average incomes, and more recently, students
• Existing residents report a high level of satisfaction with the city centre living environment
• A fairly unchanged vacancy level within the city centre over the past two years suggests that demand is remaining fairly stable against the level of supply.
• A growing business services sector is supportive of city centre residential demand
• Proposals for city centre retail, cultural and leisure improvements should help underpin future demand and growth
Along with Manchester and Birmingham, Nottingham was one of the trailblazers of the glamorous city living scene, regenerating areas that had not been residential since before the post-war era, and not boasted desirable addresses for even longer.
If Nottingham follows the pattern of these larger conurbations, recent experience suggests it will move on to another market phase with higher rates of property take-up, and rising house prices.
The report insists that rather than the current ratio of demand to supply, the long-term picture of growth is what’s important in gauging the success and sustainability of city living.
Marc Cole, chief executive of NRL, said: “We commissioned the report to ‘take the pulse’ of city living and we’ve been pleased to find it’s still popular with residents and bristling with potential as it moves into an exciting new stage in its history.
“Obviously the incredible growth in the city centre residential market over the last ten to 15 years had to level out but we are now seeing an upturn of interest in family housing as evidenced by the Trent Basin scheme.
“Our pioneer status means Nottingham is one of the most important markets to understand in the UK, and our city’s experience will in time be repeated in other towns and cities across the country.
“The direction Nottingham takes will help shape the future development and urban regeneration in Britain.”
The second report, the City Centre Living Survey carried out by The University of Nottingham for Nottingham City Council, provides clear information about people living in this new housing market. Over 3,000 households were asked to take part in a major postal survey.
Two “sub-groups” with distinctive and contrasting profiles can be discerned from the replies. The first group, “Young Movers”, are in the younger age bands, are more likely to have lower earnings, are more likely to rent, are likely to have a predicted overall stay of less than two years and anticipate moving to another city centre property. The second distinctive group are “affluent owners”. They are likely to be in the over 30 age bands, are in higher income brackets, are more likely than the average to own or be buying their properties, are likely to have predicted an overall stay of more than three years.
85% of people who replied said they were happy living in the city centre, with convenience of work location, leisure facilities, and transport links all being mentioned in positive terms.
Despite the levels of satisfaction, there are areas of frustration for some residents. These included problems of noise - the aspect of city living that people least liked. Lack of green space close at hand and the relative absence of food shops were frustrating for some residents.
Dan Lucas, housing researcher at Nottingham City Council said: “The survey has significantly expanded our knowledge about residents, and their opinions. “While it is reassuring to find so many satisfied with living in the city centre, the survey responses help us focus on the issues that some residents find frustrating, and examine what we can do to tackle those problems. We can review our services in the light of these findings.
“We also learned more about how city dwellers see their homes in the larger context of their ‘housing career’. For example, people intended to stay in the city centre until it was time to expand their family or move away for work or study.
Many of the apartments in the city are quite small. People felt they would move out to expand their family – but where the accommodation mix is right we can also see people moving back in to the city when their children have flown the nest. This is most welcome.”