Why invest in property within north west of England?
That’s a question most of us ask ourselves when you look at property capital appreciation in London and suburbs.
However:
North west is undergoing a slow but steady and solid transformation across the cities, and for what its worth is very affordable compared to London.
If affordability is at one end, the growth and resilience the region is showing is encouraging investors to invest more.
If I have to put three things as a small framework to look at why you should invest in north west of England, then here are three questions.
- What are the statistics saying?
- What is driving the growth?
- What is it going to be in next 5 years?
What Are The Statistics Saying?
As per the UK house price index report, house prices within north west have increased by 3.1% in the year to August 2019.
What makes it impressive is, this has been consistent since January 2019 whilst other regions have been up and down comparatively.
North east as per latest report shows highest increase by 3.3% whilst London is the least with -1.4% decrease.
A third of planning permissions provided within building work in North west region were in following four sectors according to Glenigan’s construction analysis.
- Industrial,
- Office,
- Retail
- Hotel & Leisure
That shows the “start” of gradual shift of power from south to north if you include growth of north east as well with businesses shifting their offices incrementally.
Whilst it may take its time to witness the shift, the work certainly is happening as we see it.
What Is Driving The Growth?
The key cities where the regeneration has been happening since last few years and is planned for next few years are:
- Manchester
- Liverpool
- Oldham
- Bolton
- Preston
- Wigan
- Blackpool
Manchester: The city has become the hub of northern powerhouse with development of Media city, Trafford shopping centre, Manchester airport have not just improved the city but the greater manchester area inlcuding Oldham, Stockport and others.
Bolton: £1.2 billion worth of Bolton regeneration master plan including town centre regeneration, build 2000+ new houses and over 7000 jobs created boosting the economy by £4+ billion.
Preston: A committed £435 million to enhance the transport infrastructure and another £50 million investment to improve the Market quarter area with retail, cinema and restaurants.
Liverpool: No surprises on the ongoing £5.6 billion regeneration of the Liverpool water front.
And above projects are just to name a few on what is driving the growth.
What Is It Going To Be In Next 5 Years?
Savills plc hast put together a forecast report predicts that within the 5 year period between 2019 to 2023….
North west is going to see the highest increase within house price accounting to 21.6% as opposed to 4.5% increase in London.
Exciting times ahead for anyone living or investing within north west or north east regions within UK.
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