REGENERATING THE EAST MIDLANDS


FEATURE


Why the Midlands is punching above its weight


Despite ongoing Brexit uncertainty, the Midlands continues to see encouraging signs for future growth and prosperity. Here, Chris Farrow, Director of design-led structural and civil engineering agency Farrow Walsh, discusses how recent trends in the property development sector and major infrastructure projects are helping the region to regenerate.


The Midlands has seen a number of initiatives introduced over recent years with the aim of regenerating a regional economy that has historically relied heavily on manufacturing. As businesses transition as a result of a changing economy, it is vital that both commercial and residential property, as well as the area’s wider infrastructure, can meet the region’s needs. The requirement for major infrastructure projects to


connect the Midlands’ towns and cities with the capital, as well as other important cities such as Birmingham, Manchester and Leeds, could be vital to increasing prosperity. For example, plans put together by Midlands councils for the Midlands Hub at Toton predict that the new station, built as part of the HS2 development, will deliver over 74,000 jobs and £4bn in economic growth. Despite reported uncertainty around the viability and


cost of HS2, at Farrow Walsh we’ve observed many businesses already starting to reap the benefits of the project, with major employers - which would once have flocked to London - now looking to relocate to the Midlands or set up regional offices alongside a presence in the capital. As well as ensuring that the Midlands benefits from


wider infrastructure projects, the region’s residential and commercial property stock must continue to expand and improve in quality to meet demand. The Midlands saw some of the strongest growth in


house prices over the course of 2018 and the start of 2019, with the region impacted less than by the dynamics of the London market. According to research by Savills, the Midlands as a


whole is bucking the national trend in development of greenfield sites for residential dwellings. This is good news for housebuilders in the region, as market uncertainty prevents them from taking any risks on brownfield areas or sites that may require large-scale remediation. While it is encouraging that greenfield


developments continue to progress, it is essential


‘The Midlands saw some of the strongest growth in house prices over the course of 2018 and the start of 2019’


business network July/August 2019 71


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