James Mulcare of Godwin Developments has predicted that when it comes to the private rental sector (PRS), the regions will overtake London within five years.
He made these comments at ProCon Nottinghamshire, the membership organisation for the regional property and construction sector. James was one of four key speakers at the ProCon event called The Role of Build-to-Rent in the Regions and its Increasing Popularity.
“The build to rent and private rental sector (PRS) started in London, with international investors feeling comfortable with the capital. But then their sights turned to the regions,” said James of Godwin, which recently announced its successful planning application to build The Landmark – 202 apartments for rent in Derby. “Now it is the regions which are hugely benefiting, and this is set to continue. Major regional cities like Nottingham, Derby and Leicester are seeing huge growth in both PRS and build to rent.”
Matt Hannah of Innes England talked about the many BTR and PRS schemes locally which are being built. Blueprint and KMRE are present along the waterside in Nottingham.
He said “PRS and BTR is happening and it is here to stay. Major urban centres like Nottingham are going to see a lot more. People’s habits are changing. Rather than buying property, the demand for rental property in the UK is on the rise.
“That means that investors have an appetite for long term stable income with improved yields in the regions.”
Paul Seddon, director of planning and regeneration at Nottingham City Council, said: “Nottingham has a strong local long-term economy and it is getting stronger. A once in a generation transformation is happening in Nottingham.
“From a PRS and BTR point of view, we need more of it. We are at the start of creating a market and we are willing to flexible. We want to try and help schemes happen. We want quality and we want to ensure that we have the office developments we need as well.”