Manchester at the centre of “Northern Powerhouse”
Manchester to lead as a tech hub
The Prime Minister recently labelled Manchester as “being at the forefront for positive change” having made a faster recovery from the recession than any other city in the North of England.
Following on from last week’s Budget announcement, the creation of the Northern Powerhouse is set to see further government backing, with Greater Manchester alone reportedly receiving over £4 million of investment. This is in addition to the millions of pounds worth of private funds which are also being driven into the area.
One of the major boosts for Manchester includes the Budget business rates deal, which sees town hall chiefs keep 100% of business rates growth, which could create an extra £40million for the city in just three years.
Chancellor George Osborne has also pledged for a multimillion pound investment towards the creation of a tech-hub, which is set to be built in the heart of the city as part of Manchester’s “Forward Plan”. Other significant changes for the area include an elected mayor for the city by 2017 and the creation of the HS2, which is set for completion in 2026.
The North West has undergone a number of regeneration projects in recent years, with one of the biggest being the creation of Salford Quays and MediaCityUK. The relocation of the BBC and the new ITV studios created over 15,000 jobs and dramatically increased the demand for property in the area.
Comments from Sequre
Graham Davidson, Managing Director of Sequre Property Investment, comments on Manchester’s success:
“It’s promising news that the North West is getting such great support from the government. Manchester’s economic growth has outstripped all other Northern cities and has allowed the public to take a keen interest in areas outside of London for a change."
“Manchester has long been considered as the capital of the North West and has, in the past decade, overtaken Birmingham as being considered as the UK’s second city. Its surrounding areas, like Salford have seen massive regeneration projects that have brought so much to the area as a whole. In terms of buy to let, the North has some of the best rental yields in the whole of the UK, with average yields of 7-8%."
"We’ve known for a long time that the North is a great place to invest and further funding into the area will allow it to thrive even further. Manchester isn’t showing any signs of slowing down and it’s refreshing to see the government maintaining a strong focus on the North.”
If you’ve been considering a property investment in Manchester, contact Sequre today. We can also assist with recommending mortgage advisors who can offer expert financial advice and guide you through the buy to let lending process with ease. Whether you’re a first time investor or an experienced one, speak to one of our team today on 0800 011 2277.