Crawley's city bid: How being granted City status would boost the town's housing market
Crawley's housing market could get a huge boost if the town was granted City status.
Being granted the new status opens up brand new avenues of potential economic growth for the town and the surrounding region, from business and entertainment to education and the arts, and GetAgent’s research shows it could also help stimulate house prices.
GetAgent analysed house price growth across six cities in England and Wales to have already gained city status in the 21st century and how they changed over the year following this change of status.
On average, house price growth across newly designated cities increased by 14.2% over the following year versus just 11.6% across England and Wales as a whole.
How much would the average house price in Crawley be after becoming a city?
Here is the estimated benefit of potential city status in the case of Crawley (based on latest August 2021 average house price, and the historic average for growth in relation to city status).
In August, Crawley's average house price was £296,047. If City status is granted, a 14.2% increase would see the average house price rise to £337,960.
In 2000, national millennium celebrations included a number of towns in England and Wales being granted city status.
One such town was Brighton & Hove in England’s South East. In 2000, the average house price in Brighton was £107,029. 12 months after receiving city status, it had increased by 19.3% to £127,655. During that same year, the national average house price rose by just 11.6%.
Wolverhampton also became a city at the same time. One year later, prices were up by 9%; slightly below average, but still a strong performance for the West Midlands market.
To mark the Queen’s Golden Jubilee in 2002, Newport in Wales and Preston in England’s North West were both granted city status. One year later, prices were up 28.5% in Newport and up 26.1% in Preston, both outperforming the national growth during the same year which sat at 20.9%.
However, city status doesn't guarantee above average house price growth.
For the Queen’s Diamond Jubilee in 2012, it was the turn of Chelmsford in the East and St. Asaph in Wales to become cities. The former saw immediate annual growth of 2.3% while the latter saw prices decline by -0.8%, with both trailing the national average of 2.8%.
What is the Civic Honours competition?
The Civic Honours competition was launched as part of the celebrations to mark the Queen’s platinum jubilee.
Crawley Borough Council had a clear message for the Queen when they voted to enter the competition. They said: “Seventy-five years ago, you made Crawley a New Town.
“In that time, we have grown to become a regional powerhouse. Imagine what we can achieve if you made us a New City.”
As part of the bid, a consultation is being held to hear from residents and businesses about what they love about our town and what makes them proud to be here.