Ipswich is not very big nor is it very famous. In fact, it’s still considered a town. However, it’s in the top 20 of the UK’s fastest growing cities, according to UK Powerhouse City Growth Tracker, and is definitely a place that UK-based investors should keep an eye on with it’s fast economic growth, estimated at 1.8% annually.
Ipswich is one of the main towns situated in Suffolk, part of East Anglia. Ipswich is loaded with history and used to be a centre for exchange thanks to its trading port. Its port is still relevant nowadays, with an estimate of 2 million tonnes of cargo passing through it yearly, making it one of the biggest ports in the UK. Not far from Ipswich, one can find the Port of Felixstowe, another major UK port which also happens to be one of the busiest ports in the whole of Europe. Needless to say, ports constitute a big part of Ipswichs’ local economy and provides many work opportunities.
Its current population sits around 139,000 and this number is expected to grow up to 148,000 by 2028. Its industries are plentiful and varied. Historically, Ipswich was famous for its agriculture and textile industries. Nowadays, Ipswich has grown to be a modern town, featuring many different types of industries such as construction, transport, logistics and finance. Recently, the Adastral Park was inaugurated, seeking to bring together “an exciting cluster of high-tech telecommunication and technology companies.” Featuring 141 companies, over 60,000 visitors a year and contributing to more than £750M of the region’s economy, the Adastral Park has undoubtedly been of great benefit to Ipswich and its surroundings.
Another good feature of Ipswich is its links to the rest of the country. It is very well connected to London, Norwich, Cambridge and even the North of the country. A commuter can travel from Ipswich to Liverpool Street in just under an hour! This makes it a prime choice for commuters who want to have the luxury of living in the country yet working in the city. It’s sometimes quicker than certain commutes from areas in Greater London to Central London.
Many regeneration projects have been put in place in the past few years. Notably, the Ipswich Waterfront, next to the River Orwell, which has been reimagined and renovated into a modern leisure hub, featuring commerce, accommodation and leisure. Not only has this attracted many visitors but Ipswich welcomes tourists visiting its historic sights, including the Christchurch Mansion, the New Wolsey Theatre and the Ipswich Transport Museum. The neighbouring coastal towns and countryside in Suffolk also attract many visitors each year. In a recent survey, Ipswich has been voted one of the best and happiest places to live in the UK!
Its University, the University of Suffolk is also home to around 10,000 students making it a prime town for student property investors. Students usually reside anywhere within walking distance to the campus and near the waterfront or the Ipswich hospital for medical students. The average property price in the areas surrounding Ipswich ranges from £250,000 to £280,000. The properties in Ipswich however, are below the national average averaging at £191,750, according to the HM Land Registry. Zoopla and Gumtree have shown that it is possible to invest in property in Ipswich for as little as £50,000. Be aware that this will not last forever as its rapid transport links to London and its various regeneration projects will make it a prime location for London commuters in the near future.
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