The North of Tyne Initiative, in conjunction with Invest Newcastle, are working to increase the investment into the region, focusing on the innovative qualities of this newly-revived city. A number of different projects have been started with the aim to drive new business into Newcastle and take advantage of it’s strong industry focus on IT, Digital and Life Sciences.
Newcastle operates as an international centre of education. The city itself is home to two universities, hosting circa 42,000 higher education students between them. Furthermore, within 1 hours drive of the city, there are a total of five world class universities, which bring the regional student numbers to 100,000.
Newcastle remains one of the most affordable locations in the UK. With average prices 13% lower than Manchester, the city is proving very popular with renters and purchasers alike. As investment into the city continues Newcastle’s residential property prices are rising. Consequently, property prices have experienced 78% growth since 2000, underpinned by continued investment into the city and an increased demand for housing. Newcastle property price index only surpassed their 2007 peak in September 2019 compared to other cities such as London and Manchester who returned to their pre-GFC peak within a few years of the credit crunch recovery.
Rental prices across Newcastle grew by 3.4% from July 2019-2020, this is the highest reported rate of city price growth in the UK. Whilst the North East’s wider regional rental price growth wasn’t as strong as Newcastle at 2.7%, the rate of growth is 0.3% higher than the North West region and 1.2% greater than West Midland price growth.
The demand for rental properties in Newcastle continues to far exceed supply. Currently, the rental demand in the city sits roughly 110% higher than that of rental supply. Which ensures the property demand in both the rental and buyers markets will retain a strong growth rate when compared with more mature competitor markets.
Arc Avenue is a thoughtful refurbishment of a Grade II listed building located on the southern banks of the River Tyne. The development will be comprised of 58 high quality one and two-bedroom apartments with a newly built extension on the eastern end. Close to the Gateshead Metro Station, Arc Avenue is ideally placed to easily access Newcastle making it a popular rental location for young professionals working in the city.
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