In 2014, George Osborne MP, announced the ‘Northern Powerhouse’ in a landmark speech at the Museum of Science and Industry in Manchester. Osborne’s speech outlined a vision of the great Northern cities and regions working together to become an economic force to be reckoned with in the UK and the rest of world.
The Northern regions are the UK’s buy-to-let hotspot. London has traditionally been seen as the premier destination for investors looking to make the most of the UK property market but this has changed. Cities such as Manchester, Salford, Liverpool and Leeds are leading the way in the UK buy-to-let and property investment market, providing investors with the sort of reliable yields which they cannot get elsewhere in the country.
The economy of the North is currently worth over £300bn and Treasury analysis shows that the Northern Powerhouse will add at least £56 billion to that total as further investment from both home and abroad continues to pour in. The population of the North stands at approximately 15 million and is increasing all the time as young people and professionals look to take advantage of the opportunities and affordable lifestyle on offer. This has strengthened the housing market and in particular the buy-to-let market, making the North a hotspot for property investors from around the world.
The UK has been experiencing some political turbulence in recent times with the Referendum on membership of the European Union and the formation of a new government under Prime Minister Theresa May MP. There were concerns that the Northern Powerhouse may be put on the back burner but this has not proved to be the case. The new government has reaffirmed its pledge to continue investing in infrastructure in the North. The Northern Powerhouse is on track and remains the best place to invest in the UK buy-to-let market.
George Osborne MP