CITY PROFILE: NEWCASTLE

Newcastle, defined by the majestic River Tyne, is the vibrant capital of North East England and a flourishing hub of business and culture.

The city emerged as an important centre for the wool trade in the 14th century, before becoming a major coal mining area. The port developed in the 16th century and, along with the shipyards lower down the River Tyne, was amongst the world's largest shipbuilding and ship-repairing centres.

Following the decline of coal-mining and ship-building, the city has reinvented itself as a premier business destination, with the economy driven by major national firms, such as Virgin Money, Fenwick, Greggs, Sage and Bellway, and emerging hi-tech and digital companies and underpinned by a premier retail, tourism and cultural offering. According to Newcastle City Council, the city contributes £13 billion to the UK’s economy.

KEY FACTS

Transport: Newcastle’s excellent transport links include an International Airport, a major station, impressive road infrastructure, and its renowned Metro.

Newcastle International Airport: Being the largest airport in the North East, it connects to over 85 destinations across the world, including Turkey, Berlin and Dubai. London is just over an hour away by air.

Population: There are approximately 297,000 residents in Newcastle, but almost 1.7m people live within a 30-minute drive of the city centre. It is estimated that the city’s population will increase to 318,000 within the next 20 years.

The City Centre: Newcastle's historic centre core remains a prime professional and retail destination, and the city’s economic base is broadening. What was once a decaying industrial and dockside area is now a thriving business, arts, music and culture location.

Housing: According to City Council figures, there has been a 23 per cent increase in property prices in the city during the past five years.

Universities: Home of two first-class universities, Newcastle and Northumbria, there are over 100,000 students live in Newcastle and the surrounding region. The universities ensure that there is sustained demand for student property investment.

TRANSPORT

Despite being England’s most northern city, Newcastle’s transport links are excellent.

Newcastle International Airport connects to over 85 destinations across the world, including Turkey, Berlin and Dubai. London is just over an hour away by air. The city is also a major station on the East Coast Main Line between London and Edinburgh, with 30 trains travelling daily to London, reaching the capital in 2hrs 45mins. The road infrastructure is equally impressive, with the adjacent A1 providing swift access to both Scotland and Yorkshire, where it links to the rest of the UK’s motorway network.

The city’s renowned Tyne and Wear Metro, referred to locally as simply the Metro, is a rapid transit and light rail system, serving Newcastle upon Tyne, Gateshead, South Tyneside, North Tyneside and Sunderland. This is one reason why the city has one of the lowest commuting times in the UK – just 26 minutes.

POPULATION

The city of Newcastle has a relatively small population compared to other northern cities, with approximately 297,000 residents, but almost 1.7m people live within a 30-minute drive of the city centre.

A key element of the population comes from two first-class universities. Newcastle and Northumbria. Significantly, the city has the highest percentage of STEM (Science, Technology, Engineering and Mathematics) and Computer Science students in England and one of highest graduate retention rates at 55 per cent. Over 100,000 students live in Newcastle and the surrounding region.

It is estimated that the city’s population will increase to 318,000 within the next 20 years.

THE CITY CENTRE

High-quality city centre office space is currently around 30 per cent cheaper than other UK cities and 68 per cent less than London, accordingly to global property consultancy Knight Frank.

The historic centre core remains a prime professional and retail destination, but the acclaimed regeneration of the Quayside by the Tyne has broadened the city’s economic base. What was once a decaying industrial and dockside area is now a thriving business, arts, music and culture location including The Sage, Millennium Bridge and the Baltic Art Gallery.

It is also home to Newcastle Law Courts, Malmaison and offices for major UK professional companies such as Knight Frank and lawyers Womble Bond Dickinson and Ward Hadaway. The city centre has remained buoyant, despite competition from out-of-town shopping centres like The Metro Centre and business parks, such as Cobalt, Newburn Riverside and Quorum.

HOUSING

The presence of two major universities in Newcastle ensures that there is sustained demand for student property investment, with high yields, in Newcastle and the surrounding areas.

Meanwhile plans for a £250m urban village that developers say could become “the Ouseburn of west Newcastle” – a reference to the self-contained, regenerated Ouseburn area of east Newcastle - are set to go before councillors later this year.

Developer Newby has released details for its proposed Quayside West development on a derelict site next to the Metro Radio Arena. Plans for the former Calders site on Skinnerburn Road include up to 1,500 homes as well as a hotel, bars, restaurants and several green spaces. The Quayside itself, overlooking the Tyne, remains a magnet for new housing developments.

Other popular areas for growth and new developments include Gosforth and Jesmond, as well as the city centre itself. According to City Council figures, there has been a 23 per cent increase in property prices in the city during the past five years.

CONCLUSION

The combination of a growing and sustainable economy, a buoyant and talented student population, first-class schools, excellent transport links and a strong retail and tourism offering, means that Newcastle is now regarded as one of the most attractive cities in the UK in which to live and work.

Significantly, Newcastle's city centre population has grown rapidly since the turn of the century. According to Centre for Cities, Newcastle city centre enjoyed population growth of 112 per cent between 2002 and 2015.

The massive jump in demand for city centre living is creating a hotbed of innovation and demand within the housing sector. It is also important to note that the North East has the lowest labour turnover rates in the UK. Newcastle has always been a very proud city and its successful, on-going regeneration means that the city now has much to be proud of.

The average house price in Newcastle is £209,110, according to Zoopla