It’s time you looked northeast to invest in property
Newcastle, England’s most northerly big city, is an industrial powerhouse – the hub of commerce in the North. It is packed with character and has a unique culture. With a city population of more than 280,000 and a regional population of around one million, it is the UK’s 8th most populated city. It is part of the increasingly influential Eurocities group, a network of Europe’s major cities.
Newcastle is home to a thriving local economy, a Russell Group university, and superb shopping opportunities. And it’s ripe for property investment – a location we consider to be one of the best places to invest in property UK.
Newcastle – a city with an evolving economy
Newcastle is a city of economic reinvention. Its economic power was first built upon coal and wool. With such natural resources nearby, the region became a centre for steel production. Giant shipbuilding yards soon followed. As the shipbuilding and repair industry declined, light industries grew. Today, Newcastle is an economic hub, with a modern economy encompassing the medical science, digital, technological, and advanced manufacturing sectors – as well as large workforces in retail, services, administration, and tourism.
Several companies have their corporate headquarters in Newcastle, and Newcastle’s local economy generates around £13 billion of GVA each year.
The local economy is growing
Newcastle is forecast to produce some of the UK’s best growth in the new-age sectors of science, technology and commerce. Demand for office space has been on an upward trajectory since the end of the recession. In 2017, UK Powerhouse forecast that Newcastle’s economy would grow 14.5% by 2027 – one of the highest growth areas in the North.
The economy is experiencing investment from central and local government, such as the £92 million investment into Newcastle-Gateshead Accelerated Development Zone. It has been named as a dedicated UK Science City. Major national and multinational companies operating here include:
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- Accord Healthcare
- Procter & Gamble
- Virgin Money
- The Sage Group
Newcastle is a mecca for retail therapy. Its largest shopping centre, Eldon Square, is one of the busiest in the UK, with more than 35 million visitors each year. You’ll also find a huge range of independent boutiques, designer brands, and high street favourites.
The best university city in the UK
Newcastle houses a large student population, and the city is a mecca for young people. It has been named as MSN Travel Survey’s Best University City in the UK, and around 60,000 students attend its five universities. In addition, 20 further education colleges within an hour’s drive offer specialisms in different areas of expertise.
Newcastle University is counted as one of the Russell Group universities, with more than 20,000 undergraduate and postgraduate students participating in a range of courses. Nearly a third of these students are from overseas.
Regeneration and redevelopment should drive investment potential
Regeneration and redevelopment continue to be a major theme in Newcastle. In many ways, what we’re witnessing in Newcastle right now reminds me of the recent past of other UK cities, like Liverpool.
The student sector is thriving, and many of these students are staying on in the city to take positions in its growing modern economy. A similar situation occurred in Liverpool, with redevelopment, regeneration, and a growing student population combined to boost all sectors of its economy further.
The cost of living in Newcastle is much lower than in many other major cities. The average house price here is more than a third lower than the UK average.
This is all great news for property investors. Especially as average rental yields here are a third higher than the UK average. There is a huge range of property types for investors to buy here, too, from modern, open-space riverside apartments to family-friendly homes in the suburbs within an easy commute to the city.
Newcastle is a world-class city. It has a vibrant student sector, an eclectic nightlife, superb shopping, and a modern, fast-growing economy. Inward investment is huge. It’s highly affordable to investors and offers great rental income potential. Just some of the reasons we think Newcastle is one of the top cities for property investment in the UK today.
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