Why do towns want to become cities and does this offer any benefit to the commercial property market in the area.
City status in the UK is granted by the British monarch and there are currently 66 cities in the UK, with one more to be added to this list, as part of the celebrations for the Queen’s Diamond Jubilee.
Officially, city status gives a settlement no special rights, other than that of calling itself a city. Professor John Beckett, who has written a book on the subject, says, ‘there never has been any privileges. It’s always been a status thing, nothing more.’
However, the fact that 26 towns from across the UK are this year bidding for city status, suggests that there are some benefits to be had from gaining city status.
But Dr Steve Busson, from the University of Reading, who has been researching the economic impact of city status on the UK’s eight newest cities, believes there are number of benefits: ‘The other advantages, less easy to quantify, are the international exposure and the buzz created. There is an element of pride about becoming a city’, he stated.
By becoming a city, a town automatically gains a certain degree of kudos, which will benefit its stature across the UK. This can bring extra revenue and business into the city, which in turn can give assistance to the commercial property market in the area. If there is an increase in business, then there will be an increase in demand for commercial property.
Stephen Parkinson, who was involved in Preston’s bid to become a city at the turn of the century, believes the city and its commercial property sector has benefited from city status. He said: ‘It was a unique selling point when talking to developers and investors. We were the 50th city in England and we have joined an elite club. You are recognised internationally and nationally as a place that means business.’
