NottinghamLIFE: DISPOSABLE INCOME IN NOTTS FOURTH HIGHEST IN UK SAYS SURVEY

People in Nottingham were among those experiencing the highest percentage increase in income out of all 150 UK regions last year according to research conducted by accountancy group UHY Hacker Young.

The figures showed that gross disposable household income rose by 4.3 per cent in the past year, rising to £12,702 from £12,183 – significantly outperforming the UK average of a 0.5 per cent increase over the same period.

Gross Disposable Household Income is the amount of money a household has left to spend or save after taxes and mortgages or rent is taken into account.

Partner at the firm’s Nottingham office, James Simmonds said the increase was positive news for the city which is going from strength to strength in a number of sectors.

He said: “Nottingham is an exciting place to live and work at the moment, with its thriving food and drink scene, regeneration plans and a number of industries consistently growing.

“As a city, Nottingham is becoming increasingly attractive to young professionals who have that disposable income – that goes hand in hand with the huge number of new bars, shops and restaurants we see opening on the high street each and every week.

“The city’s property market is also performing incredibly well as both investors and owner occupiers look to purchase city centre property again.”

Nottingham was fourth of the 150 UK regions behind Lewisham and Southwark, Kensington & Chelsea and Hammersmith & Fulham and Ealing.

At the other end of the table, Coventry has seen a 4.3 per cent decrease in Gross Disposable Household Income over the last year from £13,992 to £13,397, and it is the only region to have seen a decrease in disposable income over the last five years.

*Latest figures available, year end 31 December 2014