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New research will give developers confidence that there is still a demand for city living in Leicester, despite the slowdown of the apartment market. Leicester Regeneration Company and its partners have commissioned a second study on the housing market, his time in the Wolsey Island area. The latest report, produced after the credit crunch, backs up an earlier study at Leicester’s Waterside that shows likely future demand for city living. The new job opportunities being created by regeneration will feed city living, but developers need to consider the changing lifestyles of Leicester people to ensure they build the right kind of homes, rather than conventional apartment blocks. The results of both reports have shown a real demand for houses and larger, roomier apartments with more access to local services. The studies were carried out by CACI on behalf of LRC, Blueprint, English Partnerships and Leicester City Council. Research focused on the demands of potential occupiers of properties in the area, considering both current market conditions and forecasts of Leicester’s economy in five years time when regeneration activity has taken place. Wolsey Island is a residential site with water on two sides and a park on the third. It forms part of Abbey Meadows, one of LRC’s five key areas for regeneration, and has the capacity for 2,000 homes. James Sinclair, Development Manager at LRC said: “It is interesting to see the research we have carried out at Wolsey Island replicates that which we found at the Waterside. Apartment living has been popular in the past, but there is a definite slowdown in the market and this research shows there are other options for developers.” LRC hope that the research from both studies will help developers explore new markets, such as city houses and large apartments, by removing some of the uncertainty about city living. James
added: “The
research
methodology
is unique
in that
is concentrates
on future
demand,
and not
just what
has been
done in
the past.
Apartments
have been
a safe
choice
in the
past but
we can
now see
potential
residents
want more
options.”
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