Nottingham property investment has gained increasing attention in the past couple of years. Recently voted number one buy to let hotspot in the UK, Nottingham buy to let property is increasingly sought-after. This city in the Midlands is the perfect base, with excellent transport links to all major UK cities. More than ever, the council and local businesses choose to invest in Nottingham and boost the city’s economy. Nottingham investment has come from a number of areas including government, the council and businesses. From its legendary resident Robin Hood to its renowned universities, to the significant yields of Nottingham buy to let property, there are numerous reasons to invest in Nottingham.
What is Nottingham Like?
Nottingham is a busy city in the heart of England, centrally located in the Midlands. This urban centre has a rich and industrial history. Nottingham is a city that perfectly balances the past with the future. Modern trams go past ancient city walls, creating a quintessentially English dichotomy. With two prestigious universities, Nottingham has a young and active population. The historic city centre features a thriving business community, impressive architecture and a lively retail sector. Near to the Peak District and close to famous Sherwood Forest, Nottingham has easy access to green spaces and countryside.
The History of Nottingham
Nottingham has a long and fascinating history. During the Iron Age there was a significant amount of settlement in the area. During the Anglo-Saxon era, the cave dwellings in the city were part of the kingdom of Mercia. Mentioned in both the Anglo-Saxon Chronicle and the Domesday Book, this English city has been part of the nation’s story for thousands of years. The imposing castle is an ever-present reminder of 1,000 years of history that unfolded in this city in the Midlands. William the Conqueror founded the castle a year after his victory at the battle of Hastings. This landmark of British history now contains a 17th Century Ducal Palace and sprawl of underground caves. Close to the birthplace of the Industrial Revolution, Nottingham has been a world leader in many industries. Underneath Nottingham, there is a labyrinth of caves and tunnels dating back to medieval times.
Notable Nottingham Residents
Robin Hood is perhaps Nottingham’s most famous resident; his statue is visited by thousands of tourists every year. Tales of robbing the rich and giving to the poor, living in Sherwood Forest – which is a stunning place to visit – and his band of merry men all make this legendary outlaw a vital part of the city’s culture. The Robin Hood Experience takes visitors back through time and introduces them to the world of Robin Hood and medieval Nottingham.
Nottingham is also the home of literary figures such as Lord Byron and DH Lawrence. Sir Paul Smith, the world-renowned fashion designer, is also from Nottingham. His five-floor grade two listed shop at Willoughby House in the city is a beautiful example of Nottingham’s history; the basement is even part of the cities underground caves. The popular musician Jake Bugg is another famous Nottingham resident.
Like many cities in England’s heartland, Nottingham has always had a strong focus on industry. Its proximity to the countryside has allowed an agricultural economy to flourish for centuries. Coal mining also played an essential role in Nottingham’s industrial past. The city was once famed for its lacemaking, referenced in the name of the current Lace Market district. Nottingham lace was sought after around the world, and its manufacture of lace, hosiery and curtains still impacts the city. It also has a sterling reputation for bicycle manufacturing, with the famous Raleigh bicycle firm operating there.
A number of influential companies have headquarters in Nottingham. For many years, the cities transport links, business community and the availability and affordability of Nottingham property have attracted British businesses to the city. Household names like Boots, Experian, Specsavers and Speedo are all based there. It also has the fastest growing fintech and life science sectors and these flourishing sectors are providing increasing job opportunities in the city.
Culture in Nottingham
Culture has played an increasingly important role in the story of Nottingham, and it has a wide range of cultural institutions. It even recently bid for the 2023 Capital of Culture, encouraging arts organisations to also invest in Nottingham. The Nottingham Contemporary is a distinctive building and one of the most significant contemporary art galleries in the UK. The Nottingham Playhouse has produced world-class performances and regularly launches its own unique productions. Ye Olde Trip to Jerusalem is one of the oldest pubs in England; it was carved into the cliffs under Nottingham castle over 800 years ago. Nottingham Cathedral was built in the 1800s and hosts a range of services, choirs and concerts.
Sport in Nottingham
Founded in 1862, Notts County is one of the oldest football clubs in the UK. Rivals Nottingham Forest are the city’s other team. Their football grounds face each other across the river Trent. Nottingham is also home to the National Ice Centre and the Nottingham Tennis Centre. The county has a successful cricket team, and it also has an esteemed rugby club. Nottingham was the birthplace of famous ice dancers Torvill and Dean, and the city has subsequently opened the National Ice Centre.
Nottingham Investment in Transport
Close to the M1, and with its central location, Nottingham is a perfect base for people looking to travel around the UK. There have been continual efforts to invest in Nottingham transport, leading to its designation as the least car-dependent city in the UK. Its award-winning tram system services the urban population of the city, it also has the largest public bus network in the UK. Its central location makes travelling around the UK a high priority for Nottingham investment. The HS2 railway will considerably reduce travel time to London. East Midlands Airport is close to the city, so it is easy for overseas investors in Nottingham to visit.
Nottingham is home to both the University of Nottingham and Nottingham Trent University. These world-class universities attract over 60,000 students to the city. 16-24-year-olds constitute 25% of the city’s population, making it a young and vibrant city on the rise. Bringing new creative talent and a boost to the economy, these students have consequently increased the demand for Nottingham buy to let property. Residents of Nottingham have also benefited from its prestigious university credentials – 54% of the Nottingham population hold a degree level qualification. This educated young population is often choosing to live in the city centre. The demand for buy to let Nottingham property is on the rise, and a central location and access to the excellent transport network is proving essential for Nottingham property investment.
Investment in Nottingham
The Nottingham Economic Growth Plan was proposed by Nottingham City Council and its partners in business to ‘develop a highly skilled, science and technology-based, low carbon economy within Nottingham by 2020’. The deal is focussing on establishing a ‘connected, creative, competitive Nottingham’ and aims to encourage Nottingham investment. The plan details an in-depth strategy to encourage businesses to move to and invest in Nottingham.
It was announced in 2010 that the City Council planned to invest in Nottingham businesses and institutions focussing on new technologies, low carbon solutions as well as life sciences, retail and leisure. In 2017 over £500 million was invested in Nottingham, which was the highest level in 11 years. At the same time, it is attempting to shift its economy towards emerging new sectors with highly skilled workers. Nottingham investment in health and life sciences, digital and low carbon sectors will bring these industries to the forefront of the economy.
Nottingham Investment Plans
More recently, Nottingham’s economy has an impressive GVA of £12.1 billion. There is also a council-led plan for over £1 billion of Nottingham investment over the next three years. Furthermore, the £250 million redevelopment of the Southern Gateway to the city is a clear sign of Nottingham investment. The ambitious project includes a City Hub college campus and remodelled shopping centre too.
There has also been Nottingham investment in its heritage and cultural sector. The famous Nottingham Castle is currently undergoing a £29.4 million restoration and redevelopment project. Plans to invest in Nottingham Castle will also involve work on the underground caves. Notably, the project aims to bring an additional £90 million to the economy over ten years.
Nottingham Property Investment
Capital appreciation is incredibly healthy in Nottingham. House prices in Nottingham have increased over 10% over the last year, which is the most significant annual rise in 10 years. Nottingham buy to let investors can still make considerable profits in this property hotspot, with the average house price far lower than the UK average.
Nottingham is home to some of the UK’s most reputable brands, and these, of course, provide valuable jobs. People from across the country, moving to the Nottingham area for work often prefer to start in rental accommodation. The Nottingham buy to let sector is booming, with some of the profitable rental yields in the UK. It was recently voted joint first with Liverpool as the top buy to let property hotspot in the UK. The increasing demand for Nottingham buy to let property is fuelling rent rises of £121 year on year in 2017.
Invest in Nottingham Buy to Let Property
There are also huge opportunities for Nottingham property investment, with many brownfield sites earmarked for new developments. Nottingham property investment has been on the rise, primarily due to the increasing rental market. In 2018, Nottingham had an average rent of £929 a month, which is a considerable increase over previous years. Recently, Nottingham property investors have experienced a steady rise in profits, with rental returns and capital appreciation continuing to climb. As a result, Nottingham buy to let property has proven to be a valuable asset. Essentially, the region’s growing young population needs somewhere to call home.
Nottingham has become a modern and forward-looking city, with a considerable amount of Nottingham investment from many parties. The buy to let Nottingham property sector is profitable and dynamic, with potentially massive returns.