Developer sees rise in London buyers for Derby scheme

Wavensmere Homes has reported a significant increase in the number of people from the London area snapping up homes at its £175 million Nightingale Quarter scheme.

According to the developer, it has seen a 30% increase in people from the Greater London area buying homes at the development, which is being built on the site of the former Derbyshire Royal Infirmary.

This year, Wavensmere Homes will be handing over the keys to 413 newly completed homes at the 18.5-acre site.

All 125 houses at Nightingale Quarter are now occupied, with the final phases of the 800 apartments and commercial space underway.

Since Nightingale Quarter was launched to the market in late 2019, 46% of buyers have come from Greater London and Essex, reflecting a 30% increase during this year.

James Dickens, managing director at Wavensmere Homes, said: “First time buyers need to be earning very high salaries to get on the property ladder anywhere within the Southeast. But, in contrast to the UK average house price of £367,760, the average home in Derby costs £233,439.

“Derby’s booming advanced manufacturing sector means it offers the highest salaries outside of London and Southeast, yet you can buy one of our premium apartments for £185,000.

“Derby is increasingly seen as a safe bet for career progression by ambitious young professionals because there is so much opportunity with international brands such as Rolls-Royce, Alstom, Toyota, Vaillant and Getinge.”

The rise in London outmigration is attributed to the cost of mortgages and renting, together with Derby’s commutability, as trains to London St Pancras take only 87 minutes.

Nightingale Quarter is also only five minutes’ walk to Derby Midland Station.

James said: “London outmigration is nothing new, but aspirational moves into the Home Counties are being overtaken by strategic relocations out of the overheated Southeast.

“The 14 consecutive interest rate rises, and cost of living pressures mean more and more people simply can’t afford to live in the capital.

“We want to get the message out to the property commentators that the new homes market is still very active, but there are shifts in buyer profile patterns.”

Nightingale Quarter is located off London Road, which is an arterial route into the city centre, with the Derbion shopping centre a short walk away.

Derby Royal Infirmary closed in 2009 and the site was redundant until Wavensmere Homes received planning consent from Derby City Council and commenced work in late 2019.

As well as the new homes, the development includes the restoration of the iconic Victorian ‘Pepper Pot’ buildings.

Pepper Pot North will feature a large independently run restaurant, while Pepper Pot South will be transformed into a residents’ gym and community meeting room.

Nightingale Quarter’s marketing suite and two show homes are open from 10am to 5pm Monday to Saturday.

For more information, or to book an in-person, or virtual appointment, call 01332 321 255, or e-mail info@wavensmere.co.uk.