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Recent research released by Barclays, the UK Prosperity Map 2017, demonstrated that Newcastle upon Tyne is experiencing strong growth and successfully closing the gap on larger UK cities. This is encouraging news for the property investment market in the city and places Newcastle as a location with plenty of opportunities for investors and developers throughout the North East and all over the world. The research also stated that;
• Newcastle has the largest year-on-year growth in UK GDP per capita at 4.4%.
• The city saw an increase of 6.3% in average earnings.
• The North East is home to 91,000 millionaires.
‘Invest in Newcastle’ reports that the North East has the highest graduate retention rates in the UK outside of London which results in good levels of post-graduates and young professionals in need of accommodation. Undergraduates become accustomed to high quality student accommodation during their time at university and aren’t prepared to downgrade once they move on to further study or to get a full-time job. This places schemes such as the Hadrian’s Tower development as excellent prospects for the graduate and young professional rental market in the city.
The city has a total student population of around 56,000 including undergraduates and postgraduates, with c.24,000 at Newcastle University and c.32,000 at Northumbria University. Newcastle University business school is a £50 million development attended by a range of undergraduate, postgraduate and MBA students from all over the world.
Courses within the ‘Business Management & Administration’ subject group are the most popular course types for international students both from within the EU and from outside the EU (HESA, 2014–2015). Hadrian’s Tower, on Rutherford Street, is in prime location close to Newcastle Business school for the student and post-graduate tenant market.
Both Newcastle University and Northumbria University have extensive research programmes. The Science Central development is a £250 million project from Newcastle University and Newcastle City Council – the largest development of its type in the UK. The 24 acre flagship site is a centre for technology, urban sustainability, science, business and commerce. Working with companies such as Siemens, Red Hat, Northern Powergrid and Northumbrian Water, the scheme brings skilled workers to the local area. Schemes such as this are creating growing demand for high quality city centre rental accommodation.