Behind the facades of one of Lancaster’s historic mills, a new tech and digital economy is evolving. Have you heard of Frazer House yet?
Frazer House is at White Cross. Located in the heart of Lancaster City Centre, it is a £1.6million development. With cutting-edge technology and full-fibre broadband, it provides a centric base for SMEs and ambitious entrepreneurs to grow and thrive in a collaborative, supportive, and inclusive community. It is gradually putting Lancaster on the map with its ambitious plans and forward-thinking. The tech sector is the fastest growing economy in the UK.
However, as Frazer House rightly states on its website – “The benefits of Fraser House will go beyond those of its tenants as it boosts the growth economy of Lancaster and the surrounding areas and acts as a copula to the wider digital and tech communities within Lancashire”. It is an interesting statement and one our data research team thought they would investigate further!
Last year a record £29.4 billion was invested in the UK’s tech sector, more than double the previous year. This is positive news for regional economies and housing demand as much of the investment was made outside London. A quarter of the UK’s 115 unicorns (start-ups worth $1bn+) were created in 2021. Nine of these were created outside London.
There is no doubt about it. The tech sector is helping to create jobs. Overall UK tech job vacancies advertised increased by 50% in 2021. Tech vacancies make up 12% of all available jobs in the UK. What is really interesting is that 21.6% of all job adverts in the IT sector are advertised as remote roles. This fact alone really highlights how all areas of the UK can benefit from the growth in the tech sector.
Here at JDG, we have had many families move into our area who have relocated from the South. Several of these moves is due to their new ability to remote work. With the growth of this sector plus Lancaster’s very own Frazer House, we expect to see this trend continue through 2022. We just hope that next year, Lancaster will feature in the leveling up league table!
If you’d like to chat about the Lancaster Housing Market and what is driving property demand and price growth, please get in touch. At JDG we are here to help you. Call us on 01524 843322
Thanks for reading
Michelle x