Investing in Property – Regeneration at the Heart of Lincoln
The city of Lincoln in the Midlands has a lot to offer investors. With a university, the city benefits from strong demand of higher-end stock from professionals and young families.
The University of Lincoln is involved in large-scale regeneration plans for Lincolnshire, helping drive Lincoln property demand and property prices up.
Lincoln has a rich history stretching back to the Iron Age and was one of the most important cities between 460 and 1066AD,
Originally a trading and manufacturing hub, during the Industrial Revolution, Lincoln boomed, becoming home to world-famous enterprises such as Clayton’s and William Foster’s. The town excelled in heavy engineering, producing locomotives, steam shovels and other heavy machinery.
During the first two world wars, Lincoln switched to war production, producing tanks, diesel and gas turbine engines. The production of gas turbine engines is still very important in Lincoln, with more residents employed in this industry than any other over and above agriculture.
Lincoln is improving with further investment
Several large-scale investment projects are underway or planned in Lincoln. The Lincoln Transport Hub could start as early as August 2016 if the proper funding is achieved in time.
The project includes demolishing the bus station and two pedestrian footbridges and replacing them with a brand new facility, a 1,000 space car park and improvements to the railway. A £13m investment is required from the Department of Transport and Greater Lincolnshire Local Enterprise Partnership by 29 July for the project to get underway later this year. The council and other third parties are contributing to the £30m balance needed for the project.
Boultham Park will receive an education centre, including resources for adults with learning disabilities, a café and a horticulture centre as part of a £4m project supported by the National Lottery Fund and the Heritage Lottery Fund. Local organisations are also working on providing a Centenary Garden to mark the First World War.
Regeneration will also take place on the Hospital Plantation site in Lincoln. The National Lottery’s Our Bright Future programme is funding the £1m project of restoring the 45.3-acre woodlands to a condition where they can be enjoyed by residents.
The social enterprise Hill Holt Wood will conduct the work as part of its Growing Up Green project, which supports young people to carry out environmental vocational work in their local communities. An estimated 3,000 young people will take part in the project, 800 of which will develop employable skills.
The University of Lincoln has joined six other higher education institutions in the Midlands to create the Midlands Enterprise Universities, a partnership combining research, expertise and facilities to increase growth and prosperity across the region through skills, innovation and enterprise.
Efforts will also concentrate on further developing the employability and entrepreneurship of students, as well as boosting health, advanced manufacturing and engineering, transport technologies, creative digital and design and agriculture-food and drink industries, all a priority and creating significant employment opportunities in Lincoln.
Why regeneration and students boost prices
Large-scale regeneration is great for property investors as it helps improve an area’s fundamentals: schools, shops & leisure, education, economy & employment and investment. These five areas are extremely important for investors to research in depth before making a decision to invest in a buy to let property. They help drive professional tenants for your property – most folks want to live close to good schools and leisure activities and don’t want to travel too far to work or study.
As fundamentals improve, house price growth is encouraged due to increased demand for housing from people moving into the area.
As if all that weren’t enough, you need to consider the impact of a large student population on house prices. The University of Lincoln is worth over £300m in investment and supports around 3,000 jobs alone, making it an important part of Lincoln’s fabric and economy. Students help drive property prices – as universities and students tend to take up a large portion of lower end stock. Professionals and families look to higher end property to rent, driving house prices upward as well as rents thanks to the increased demand in this beautiful, historic and picturesque city.
Why invest in Lincoln property?
Regeneration and a large student base are two of the most important boxes a property can tick as they are sure ways property investors can achieve high rental yields and be able to rent your property to tenants quickly. Why not take a look at our Lincoln Property Investment Guide.
Interested in finding out more about Lincoln or other areas? Call the team today, drop us a line or download our free guide before discussing your options.