Northern Powerhouse boosts property market
A collection of cities to rival London
Back in 2015 we talked about the Northern Powerhouse and the government’s vision of cities’ collectively having the power to rival London. Since it’s unveiling, the spotlight has firmly been on our much loved city and many are still assessing what affect such a vision can have on us Northeners and indeed, the rest of the UK.
The aim of the Northern Powerhouse is mainly to restore the imbalance of the North/South divide in the UK. Have you ever wondered why a drink is much more expensive the further south you go? “London prices” apply to much more than just beverages – property prices are higher, great connection links attract businesses, businesses entice workers and skilled employees attract higher wages. This in turn drives up the price of pretty much everything – and so the cycle continues.
Since the unveiling of the Northern Powerhouse, Manchester has firmly made its mark. We know how awesome our city is and due to the press, everyone else knows it too. The Manchester market has continued to boom and the changes are attracting more and more to our vibrant city.
What is changing?
Well Manchester’s residential market has been strong for a couple of years but research has shown that northern cities are going to boom in terms of growth – just take a look at some of the facts and figures:
- 3.1% growth per annum for financial and business services
- Manchester to continue to be the number one buy to let hotspot
- Employment prospects increase in North West as a total of 95,000 new jobs created in next 5 years
- Manchester saw over 14,500 new business start-ups in the first 6 months of 2015
- City of Leeds to see construction of new residential schemes for the first time in 5 years
- Liverpool economy worth £121 billion
- Rental growth forecast to rise 26% between 2016-2020 in Manchester and 22% over the same period in Leeds
With this and a tonne of new investment on the way, the North has never looked so exciting. And the next five years are due to bring some big changes. Tech hubs, new houses and apartments plus more job prospects means that cities like Manchester, Liverpool and Leeds are more in demand than ever.
Now is a great time to invest in the North. If you're looking an investment property in Manchester, Ascend can help find your property and even take complete management post-purchase too, allowing a completely hands-off transaction. Yep, we’re just that good. To find out more, give us a call on 0161 637 8336.