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Shining a light on Leicester: East Midlands’ strongest local economy

Right now, the East Midlands has the second fastest rate of growth in England and Wales and Leicester is at its forefront. The buzz around Leicester is palpable and after seeing its house prices and local economy surge this year, we couldn’t be happier about reconnecting with the community with the launch of our second development in Leicester, Aria.

 

Richard Forman, Head of Sales and Marketing

Delph Property Group - Exterior of Aria, Leicester

 

A city going places

The East Midlands has been grabbing property headlines for some time as the area has enjoyed steady yields and strong capital growth. Whilst Leicester has often been overlooked by property developers in favour of its larger neighbour, Birmingham, now the city is at the forefront of this growth. A recent Hometrack survey reported house prices in Leicester have soared an impressive 5.8% over the past year – even more remarkable when measured against London’s flatlining 2.8% growth.

Sitting in Zoopla’s top five property hot spots, Leicester’s strong house prices look set to continue as Savills predicts the East Midlands to grow a steady 14% over the next five years.

Delph Property Group - Leicester housing market statistics

Urban regeneration

Leicester’s rapid house price growth can only be attributed to the tremendous level of investment that has transformed the city’s industrial face in recent years. Some 150 shops, high-end restaurants and bars have popped up, crafting a vibrant, buzzing ‘café culture’ and making the city an exciting place to live as well as work.

Delph Property Group - Leicester restaurant culture

Leicester’s overhaul has been driven by a number of local projects designed to improve the city for residents and tourists alike, and thereby driving its booming economy further onwards. Current projects include the multimillion pound redesign of Leicester University’s campus and the creation of a new public square around the Old Water Tower.

Leicester is demonstrating its energy to innovate and raise its economy; it is now expanding its links to the vital tech sector. A new digital media centre in the city will provide ‘incubator’ space for start-ups, and the £75 million National Space Park, due to launch in 2019, will create a global community centred around space and space-enabled technologies. Earlier this year, Tech City reported that Leicester exhibited nearly 30% growth in digital employment, drawing in young science, technology, engineering and mathematics (STEM) talent away from the typical post-degree migration path to the capital.

Delph Property Group - Digital jobs in Leicester

Location, location, location

Without the benefits of its geographical position, it is difficult to argue that Leicester would still manage to outshine Birmingham. Leicester’s central location means it offers some of the UK’s best transport connections, making it an attractive choice for investors and PRS residents alike.

Leicester City Council is clearly aware of the city’s potential to capitalise on its location; local infrastructure is receiving a considerable overhaul as the council pushes forward with Connecting Leicester, a scheme to improve transport within the city.

With tourism currently bringing in £1.57bn to the city annually, the significance of this sector is palpable and when you think of the planned improvements to national and inner-city transport, the economic outlook can only brighten for Leicester.

Delph Property Group - Leicester station

 


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