Is the North East Becoming a Prime Area for Professional Property Lets?
Finding that perfect place to set up shop and open your business in the UK isn’t always easy. There is a lot to consider such as the customers in the area, the cost of the property, nearby competition, and a whole lot more. Narrowing down the list for the “perfect” place to open your business tends to be a very long and often confusing process. With that said, there are some trends that are popping up that are getting attention. One of those trends is the interest in the North East.
Sunderland – Falling Property Prices are Making It Affordable and Attractive
One of the areas to watch is Sunderland. This particular area has been reporting falling prices since 2010. What this means is that if you’re looking to purchase a property for your business, this could be a great time to jump in. Sunderland is most definitely a buyer’s market at this time, not just with professional rentals but also with houses. The North East is notorious for its high rental yields, and that seems to be remaining true despite the fall in prices.
Of course, if you happen to be in the software industry, then you are probably well aware of the fact that Sunderland is quickly becoming a hub for the IT sector. In fact, this region of the north-east expects that by the year 2020 it will be home to more than 2,200 software companies. There seems to be no better place for IT companies looking to set up shop at the moment.
Newcastle Aims to be a Tech Hub
Also in the North East is Newcastle. Again this area seems to be attracting tech-related businesses and has a goal of becoming a tech hub. One look on the Letslivehere website and you’ll find plenty of opportunities here in Newcastle. This area is also popular with those in the manufacturing and renewable energy industries.
Back in 2014, the area really secured its position as a high-tech hub with the opening of Science Central. This 5,000 square/m facility is a growth accelerator for spin-out companies. They can then move on and find a property of their own when they are ready.
What About Outside the North East?
While the North East is certainly getting a lot of attention, there are other areas that are also garnering some attention. Take for example the area of Kent. Dubbed as “The Garden of England” this area is known for its stunning natural beauty, quaint homes, lovely cathedrals, and non-stop action, it’s also close to London. In fact, some of the districts in Kent are now considered part of London’s commuter belt.
If you’re thinking of setting up shop in Kent just be aware that prices are on the rise here, and have been since 2010. Not only that but the demand is greater than the supply, which is what is helping to drive those prices up. Those two factors alone may be enough to force business owners to look to the North East instead as a more affordable option.