As we are bombarded with news surrounding the UK property market stagnating as a result of continued political uncertainty, there is a different story in the North where house prices are still increasing at a higher rate than they have been in prior years. The North West in particular is enjoying home value growth that is outplaying the capital as well as the South East.
The North is keen to push on with the Northern Powerhouse agenda which aims to rebalance the national economy away from London, however since the forming of the new government and resignation of the Northern Powerhouse minister, there has been little said about the agenda until this week.
The government this week has confirmed that it is ‘determined’ to deliver on its promise of investment in the North – good news for the region which is powering ahead of the capital despite political uncertainty. The first Secretary of State Damian Green responded to allegations that the government had funded their deal with the Democratic Unionist Party (DUP) at the expense of the North, something Green refuted, commenting that “the money that has gone for infrastructure in Northern Ireland is richly needed there, you are right about the importance of the Northern Powerhouse, and we will continue with that programme.”
The First Secretary of State went on to make an observation on the employment in the area as a show of the positive changes being made, “We are seeing unemployment falling consistently in the North of England as a sign of how the economy there is going as well as anywhere else in the country. We are determined to continue that.”
Despite the slow in Government positive changes towards a strong future are being made in the North. Plans to improve local infrastructure, housing, business and leisure facilities across Manchester and Salford are showing no signs of stopping with several large-scale projects in the pipeline.
Plans in place such as the Trafford Park Metrolink line illustrate long-term strategies to improve life in the city to cater for the influx of people moving to the area, with the population of Salford alone forecast to grow by 10% by 2020.
With people proclaiming that Manchester is going through the biggest boom since the Industrial Revolution, and the chair of Manchester council’s planning committee David Ellison labelling the progression as being almost ‘Chinese-style’ in scale, there is no question as to the strength of Manchester as an investment hotspot.
The development of the Northern Powerhouse, along with local improvements is resulting in more people than ever moving to the UK’s ‘second city’ which supports a strong and ever growing private rental sector, creating the perfect environment for property investment.
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