Why are people investing in Plymouth?
Plymouth is rich in history, culture, nature and opportunities. Being the most significant urban area in the Southwest, the population has reached 264,000 and is still on the rise. Even more people commute into the city from the surrounding areas, making the influence of the city cause waves that will affect the whole Southwest.
The growth of the city has been unprecedented over the past few years and is only expected to continue trending upwards. As a centre of excellence for marine science and manufacturing, Plymouth has a unique set of advantages on which to transition to a more competitive professional workforce. Over the next five years, Plymouth is expected to have huge investments in HM Devonport Naval base and Derriford Hospital (the biggest teaching hospital in the Southwest), plus plans to improve the city’s rail systems and improve the station itself, encouraging even more commute into the city from surrounding areas and expanding its tourism trade.
More and more businesses are being attracted to Plymouth every year. The city has been rated 9th in the country in terms of opportunities provided when starting a new business. Attracting new businesses means young professionals moving into the city- therefore selling and renting markets receive a boost along with all other sectors.
Two state-of-the-art universities and numerous colleges and academies foster over 50,000 students into the city with around 22,000 of them being University students. Over the years, the evidence of the university’s excellence has created a hugely skilled and adaptable workforce, as well as a city prosperous enough to retain students after graduation. The University Technical College and Marine Academy also work closely with local employers to train young people into the industries that made the city thrive. Derriford Hospital is the largest teaching hospital in the Southwest, and the 6,500 employees are made up of many recent graduates.
Being a university city, landlords have the choice of numerous investment opportunities. Students are a constant in the city, with large numbers that are still only on the rise due to its strong international connections and the baby boom in the early 2000’s, as well as short term visitors and holiday accommodation outside of the academic term time. These also add many renters in the city for a huge range of reasons from contract work to military personnel and professionals.
The age demographic displays proportions of 18-24-year-olds have been on the rise in recent years, and the percentage of those with degree-level qualifications has increased by over 16,000. Post-graduates are choosing to stay in the city, proving the employment opportunities for young professionals to stay in (or move to) the city is incredibly attractive. Energetic, educated young people are flocking to the city, and many other things are bound to follow them.
From the science park to the waterfront, tech hubs and business parks, no matter the budget, there’s a huge range of properties throughout the city. Surprisingly for such a famous city, numerous opportunities are catering to lower budgets or those starting out. House prices in Plymouth are over 25% lower than the average across the country, meaning Plymouth is a perfect place for your first property investment.
Even with all the current prospects today, Plymouth is only predicted to grow in the future. There are major new housing schemes taking place in Saltram Meadow, Forder Valley and Millbay. A new town is also underway in Sherford, just to the east of Plymouth. When complete, there will be a further 5,500 homes within a reasonable distance from the city with countless local businesses and facilities available.
With property prices increasing country-wide, there is no doubt that costs in the Southwest are not unchanged. Being still wildly cheaper than cities of a similar size, Plymouth offers an affordable choice to investors looking for property. This coupled with the high demand for quality rentals provide a clear return to those looking to invest.
It’s clear that Plymouth isn’t shrinking anytime soon. Technology, culture, education and history provide seemingly endless attraction to the city and surrounding areas to almost everyone. The demand for rental properties reflects the working population within the city and is again not seeming to be decreasing at all in the coming years. The Ocean City certainly has a lot to offer people who are looking to study, work, live and invest. The only question is, are you ready for it?