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Assessment of Student Residence and Housing Market Conditions in Nottingham

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Assessment of Student Residence and Housing Market Conditions in Nottingham Assessment of Student Residence and Housing Market Conditions in Nottingham Huw Jones, Associate Consultant, re’new Martin Rushall, Unipol 2 CONTENTS A EXECUTIVE SUMMARY ......................................................................................................................... 4 A.1 Housing market conditions in areas of student population in Nottingham ..................................... 4 A.2 Purpose of the study ......................................................................................................................................................... 4 A.3 Policy and market context ............................................................................................................................................. 4 A.4 Findings ................................................................................................................................................................................... 7 A.5 Impacts of change .............................................................................................................................................................. 8 B OPTIONS FOR ACTION........................................................................................................................... 9 1.0 INTRODUCTION .................................................................................................................................... 10 1.1 Purpose of the study .......................................................................................................................................................10 1.2 Methodology .......................................................................................................................................................................10 1.3 Current policy and market contexts ......................................................................................................................11 1.4 Local Housing context ...................................................................................................................................................11 1.4.1 Local housing market and strategic responses ................................................................................................11 1.4.2 Areas of student residence ..........................................................................................................................................13 2.0 MAIN FINDINGS ................................................................................................................................... 20 2.1 Student numbers: the implications of policy changes in higher education ....................................20 2.1.1 Nationally .............................................................................................................................................................................20 2.1.2 In Nottingham ...................................................................................................................................................................25 2.2 Change in accommodation supply .........................................................................................................................32 2.3 Surplus bed spaces ..........................................................................................................................................................35 2.4 Change in student demand and location ............................................................................................................37 2.5 Reasons for changing demand..................................................................................................................................44 2.6 Housing market change in areas of student population in Nottingham ..........................................45 2.6.1 Housing tenure ..................................................................................................................................................................45 2.6.2 Housing price levels ........................................................................................................................................................46 2.6.3 Price movements ..............................................................................................................................................................47 2.6.4 Affordability of housing ...............................................................................................................................................48 2.6.5 Private rented housing ..................................................................................................................................................51 2.7 Views of estate agents, landlords and residents groups .............................................................................52 3 3.0 IMPACTS OF CHANGE AND POTENTIAL INTERVENTIONS ........................................................ 53 3.1 Impacts of changing supply and demand factors ..........................................................................................53 3.2 Impact of changing market and demand factors on landlords...............................................................53 3.3 Impact of changes on the areas with student populations ......................................................................54 3.3.1 Lenton area ..........................................................................................................................................................................54 3.3.2 The Meadows .....................................................................................................................................................................54 3.3.3 St Ann’s ..................................................................................................................................................................................54 3.3.4 West Bridgford ...................................................................................................................................................................54 3.3.5 Beeston, Wollaton/Wollaton Park ...........................................................................................................................54 3.3.6 The Arboretum ..................................................................................................................................................................54 3.3.7 Forest Fields/Hyson Green ..........................................................................................................................................54 3.3.8 Radford ...................................................................................................................................................................................54 3.3.9 Dunkirk ..................................................................................................................................................................................54 3.3.10 City Centre ............................................................................................................................................................................54 3.4 Potential actions ...............................................................................................................................................................55 3.4.1 Leave the market to correct itself.............................................................................................................................55 3.4.2 Let the market operate but develop selective interventions ....................................................................55 — Use of the Article 4 Direction .......................................................................................................................55 — Policy on new purpose built student accommodation .................................................................55 — Recycling empty properties ..........................................................................................................................55 — Refurbishment of properties .......................................................................................................................55 — Neighbourhood management ....................................................................................................................55 — Marketing and publicity .................................................................................................................................55 — Partnership approaches..................................................................................................................................55 4.0 CONCLUSIONS ....................................................................................................................................... 57 4.1 Student numbers and demand .................................................................................................................................57 4.2 Policy on Purpose Built Student Accommodation .........................................................................................58 4.3 Housing market change ...............................................................................................................................................58 4.4 Comparison of the findings of research by Unipol in Leeds and Nottingham ...............................59 4.5 Issues to address
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