Insider Media Limited

The East Midlands is bearing the brunt of the North/South divide within the property market, as four of its major town centres have amongst the highest vacancy rates in the UK. As southern towns begin to prosper, 22.9 per cent of Nottingham’s large shopping outlets remain empty, according to the Local Data Company.

Leicester, Derby and Northampton city centres were also amongst the 25 with the highest vacancy rates in the UK.

Behind Nottingham’s vacant shops, which was the fifth-highest rate in the country, 18.2 per cent of Leicester city centre’s large units are also empty. Derby’s vacancy rate rose by 2.6 per cent to 17.2 per cent. With a vacancy rate of 14.7 per cent, Northampton’s city centre also made the shortlist.

The research found that there was “a clear divide” between the struggling centres in the north of the UK, and the more prosperous outlets in the south.”

Liz Peace, chief executive of the British Property Federation, said: “It is encouraging to see high streets recovering in the south, but that glimmer of positive news does not hide the fact that retail markets elsewhere are struggling, and that consumer confidence is still fragile.

This data highlights the need for government initiatives to help regional centres, such as proposals for Local Enterprise Partnerships, the £1bn Regional Growth Fund, and its National Insurance holiday for companies hiring new staff, to be implemented quickly and effectively.”