Eighteen key areas across the UK have been identified in a new report as being ideal locations for residential developments.
Leeds, Manchester, York, Durham, Birmingham, Nottingham, Warwick, Leicester, Brentwood, South Cambridgeshire, Bristol, Bath and North East Somerset, Exeter, Cherwell, South Oxfordshire, Guildford, Reigate and Banstead and Tunbridge Wells – have been named as areas which offer good levels of economic growth and employment opportunities – as well as being affordable and pleasant to live in.
The report comes at a time when the government is encouraging developers and local councils to find more effective means of meeting the ever growing demand for new homes.
UK Development Opportunities – 2015
The findings come from analysis published by real estate agent Knight Frank in partnership with the planning consultancy Barton Willmore. The UK Development Opportunities – 2015 report ‘examines where economic fundamentals converge with planning and local knowledge to suggest the best possibilities for development activity in the short to medium term.’
It reiterates that developers are looking beyond London to key towns and cities that offer good work and living opportunities, but also to areas where planning authorities are open to new housing schemes.
Justin Gaze, joint head of residential development at Knight Frank explained that in their experience ‘clients are looking at regional cities and districts for future potential and the report demonstrates from an economic and planning perspective where these development opportunities are likely to be.’
The Rise of the North
Over the next decade, household growth rates are expected to increase in northern cities such as Manchester, Leeds and York. These northern areas attract developers for different reasons. Manchester, the so called ‘capital of the north’ will be the main focus of the ‘Northern Powerhouse’; York is one of ten new ‘housing zones’ where it will be easier and quicker to build new homes on brownfield land; Leeds City Region Enterprise Zone benefits from government incentives such as tax concessions are offered to encourage business investment.
Already in the pipeline
Birmingham is set for a large scale regeneration, but also, like Leeds, is an Enterprise Zone, as is Nottingham. Warwick, meanwhile, is a popular university town which offers good living and employment opportunities. Leicester is set for strong household growth too.
The report also highlights that in the south west, both Bristol and Bath and North East Somerset have a local plan and five year housing supply. While Cherwell and South Oxfordshire, look set to benefit from improvements to transport infrastructure.
Iain Painting, planning partner at Barton Willmore explains that the ‘report provides a snapshot of opportunity areas, but it is always the job of planners and developers to be alive to the effects of large step change events.
‘Developers can take advantage of the planning ‘window of opportunity’ when they understand the dynamics at play in the local area and how that fits in their own developments.’
This article was provided by Experience Invest.