At the heart of the Midlands sits Nottingham, a beautiful city with a population bursting with young professionals. As one of the UK’s fastest growing property areas, a population of over 729,977 and over 60,000 students choosing it as their base every single year, the city and its surrounding areas have fantastic buy to let investment opportunities. House price growth in the UK hit a 2 year high of +3.9% this January – a prosperous start to the year.
Between the cities two world-class universities, University of Nottingham and Nottingham Trent University, a ¼ of their students are from overseas and there are a higher number of postgraduates from international countries than the UK every year. With so many of these students looking to stay in the city long term, investments here are a fantastic opportunity for successful long term buy to let investors.
This city is one of history and culture with the legend of Robin Hood bringing in tourists year after year to take part in the immersive ‘Robin Hood Experience’. It’s also home to the world-famous Nottinghamshire County Cricket Club’s Trent Bridge ground and The Queen’s Medical Centre; a regional ‘super hospital’ and the largest teaching hospital in the UK with a huge 6,000 employees.
As one of England’s most affordable cities, it’s easy to see how it can offer such lucrative returns. The average price of a property here in December 2019 was just £148,532 compared to the UK average of £234,742. While prices in this area are low, you can still expect great returns with the second highest average yields in the UK and NG7 seeing yields of up to 8.89%.
Nottingham brings in great businesses to the region with the likes of HMRC setting up in Unity Square, a Grade A development located next to Nottingham train station. Works on the project are set to be complete in 2021 as the towering office block form only part of Nottingham’s Southern Gateway regeneration project. The £250 million project also includes the new Broadmarsh car park and bus station and the new Intu Broadmarsh shopping centre which will be a focal point for residents and tourists alike.
Nottingham is also seeing great benefits and increased desire from the success of the NET tram network which runs out from the city centre with plans to expand. The tram heads North towards Hucknall and Phoenix Park and South to Wilford and Clifton and to Toton Lane via the university. This makes the city even more desirable to professionals and students by creating an easy commute in and out of the city and beyond. It is also said that properties near tram stops and along the line receive much higher interest from potential tenants.
What’s more, the new high-speed railway (HS2), which aims to improve connections throughout the UK, will stop at Toton train station as it sits along the Birmingham to Leeds section of the line. This increases the pool of potential tenants for investors in the city and its suburbs as commuters will have much shorter journeys to and from the city.