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How the Northern Powerhouse will affect the property market?

The Northern Powerhouse will provide fantastic opportunities to develop and regenerate the north, including Yorkshire. For years now we have seen the north/south divide with London dominating the United Kingdom property market.

In a bid to rival London, the government is looking to address the imbalance of the north/south divide. Manchester, Liverpool, Leeds and Sheffield should see major changes and investment over the next few years, (Source, property reporter).

How will this affect the property market? It will begin with the creation of the HS2 due to start in 2017, which will create a high speed rail network across the North West and Yorkshire creating a quick connection for easier access throughout northern cities, as well as Birmingham and Leeds.

Investment in 10,0000 new homes and 18,000 new jobs and a £1.2 billion deal has allowed funding for three new property projects in Leeds, Sheffield and Manchester. This will include new residential and commercial, plus office space.

Indications that the economy is thriving in the north is thanks to the Northern Powerhouse effect, according to some property experts. Manchester, The Humber region, Chester Wakefield and Sheffield are reported as enjoying a buoyant rental and sales market, (Source, Express).

People will be driven out of cities like London, Bristol and Cambridge and to the regions as a direct result of a lack of property stock and rising prices reports, Paul Smith CEO of haart estate agents

Smith predicts a “tale of two cities” in 2016, with national price increases of up to 10 per cent across the UK, but only about 4 per cent in London because of the impact of the higher stamp duty on homes over one million pounds. (Source, Express).Yorkshire will be central to Northern Powerhouse success, (Source, Sheffield City Region).

Liverpool for example has been named as Britain’s fastest rising “affordable” property hotspot, with a forty-one per cent increase in prices in recent years. Other reported surges include, Leeds, Bradford and Manchester which are among the top ten areas identified, by consumer experts as on the up for those on a budget.

Bringing a collection of northern cities closer to each other will provide jobs, opportunities and security to many. Fast and effective transport connections, bring with them, strong universities, hospitals, colleges and schools for the aspirational, which will of course include housing, culture and sport, green spaces and all the things that make for a good lifestyle, (Source, The Chancellor: George Osbourne. With new housing, new initiatives and government funding in place, northern cities will be in a stronger economic position and attract more people to live in these areas. This will eventually narrow the gap between the North South divide.

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