City Centre Living Makes a Come Back
The long trend of suburban living is slowly coming to an end. UK cities are now reviving city-centre living lead by the younger generation.
Young, single, and highly educated millennials ranging from the ages of 22-29 years old have rapidly increased throughout the years, with the population of large city centres in England and Wales between 2001 and 2011 almost doubling.
While there is no definitive method to determine a region’s city centre, it is usually identified as:
- 0.8 Mile radius from the centre of the city.
- Occupation of the residents will range from 500,000 to 4 million.
- 0.6 Mile radius from the centre of the towns with 135,000-550,000 residents.
- 0.6 Mile radius from the centre of neighboring cities with 135,000-550,000 residents.
Manchester, Liverpool, and Birmingham are now home to smart new high-rise apartments and street corners bustling with the trendiest cafes, bars, and restaurants-appealing more to millennials. This has been come to be known as an urban renaissance, creating a major demographic shift in daily living.
Urban renaissance is massively seen in Manchester, the urban area’s core has grown seven times faster compared to the remaining metropolitan area between the years of 2006 and 2016.
Manchester’s regeneration, a plan set by Manchester Millennium Limited-a public and private partnership aimed to ensure redevelopment in the region, is the main drive for the change leading it to become the second hottest market after the capital, London. High standard of living combined with UK’s largest companies including the Royal Bank of Scotland (RBS), Barclays, and BNY Mellon, drive the young generation further into the region.
Taking the lead as one of the fastest growing urban cores is Liverpool. According to the Office for National Statistics, population has increased to a whopping 181% between the years of 2002 and 2015. Student population alone grew by 208% due to their regeneration program and focus on The Knowledge Quarter. With 1 billion pound investment pumped into The Knowledge Quarter, it aims to house science, technology, and education in a single space to drive further prosperity and flag the city as an international hub.
Other cities in the playing field for urban revival are Birmingham with a population growth of 163%, Leeds and Sheffield by 150%, Bradford by 146%, Leicester by 145%, Milton Keynes by 113%, Southampton by 94%, and Cardiff by 88%.
Economic performance is tied with urban revitilization. A vital and booming urban core creates new job opportunities for millenials, driving the economic engine into full blast.
To become a part of the urban renaissance, Herald Land offers you exclusive commercial investments in London, Manchester, and Liverpool.