UK's northern powerhouse to get property boost
The UK government is looking to address the north/south divide in the property market through the creation of what it calls the 'Northern Powerhouse'; a concept that links northern cities together to create a 'super-city' in a bid to rival London. Manchester, Liverpool, Leeds, and Sheffield are among the northern cities that are going to see major changes and investment overt he next few years. With such strong government backing for the north, house prices and property investments in the north are set to rise, accoridng to reports. Indeed, this article suggests that property prices in Manchester have already already started responding to the initiative.

Constant house price growth and the never ending rental demand could be viewed as a ‘booming’ market but as time has progressed, this has led to buyers being priced out of their local area and renters struggling to afford a home in the capital.

Due to the lack of discounted opportunities available in London for property investors, Sequre has continued to focus on other cities in the UK, particularly in the north, that offer a great investment and there’s little surprise that the government is looking to address the imbalance of the north/south divide through creating the Northern Powerhouse; a concept that sees strong northern cities link together to create a ‘super-city’ in a bid to rival London.



Named as the city as “being at the forefront of positive change” by Chancellor George Osborne, Manchester is one of the cities seeing major changes and investment over the next few years, alongside Liverpool, Leeds and Sheffield. What we’re looking at is an industrial and commercial change as plans come in to place, and the government’s concept of the Northern Powerhouse looks set to change the face of the UK.

So how will this affect the property market? Let’s look at some of the changes already confirmed to be introduced over the next few years…

• Creation of HS2: With plans to start in 2017, this sees the introduction of a high speed rail network across the North West and Yorkshire to create a quick connection for easier access throughout the northern cities as well as Birmingham and London.

• 10,000 new homes and 18,000 new jobs: A £1.2 billion deal has allowed funding for three new property projects in Manchester, Leeds and Sheffield which will include new residential and commercial units as well as office space.

• Manchester’s ‘Forward Plan’: The Government is giving £4million to the Greater Manchester area as part of new plans for a “tech-hub” which is due to be built in the heart of the city. Other plans include and electoral mayor by 2017 and the Budget deal business rates, which could create an extra £40million for the city in three years.

With more plans on the way and such strong investment and government backing for the north, we’re already beginning to see an impact on the property market. Manchester has been leading the way and with such opportunities available in terms of employment, the city has seen high demand from new residents.

Plus, having been named as the UK’s number one buy to let hotspot by HSBC this year and house prices growing at a steady rate, property investment in the city is more popular than ever before. The creation of new homes and jobs across the whole of the north will also continue to attract tenants into the northern cities, further fuelling the demand for rental property.