Greater Manchester regeneration salford

Regeneration in Greater Manchester will add £10.2bn to housing market

Honing in on an area that’s the target of major regeneration can be an effective way of planning your next property investment move. 

Government-backed regeneration projects are improving the landscapes and economies of multiple locations across the country, with the levelling-up agenda also playing a part in ensuring higher levels of investment are centred away from London and the south east.

Research from Stripe Property Group looking at 38 UK areas that are penned to be the recipients of ‘significant regeneration’ has highlighted how much value these schemes could add to the local property markets. It estimates that, in total, the additional investment could boost the UK housing market by £188bn.

And in the Greater Manchester Combined Authority, regeneration planned by the government is expected to add an estimated £10.2bn to the value of its property market, which will be a huge boost to the area – and enhances its position as a promising property investment location.

How regeneration can help

Previous research from CBRE has found that, on average, local regeneration boosts house prices in the area by 3.6%. Of course, this will vary depending on the value of the property market there in the first place, as well as what the new investment and redevelopment entails.

Stripe Property Group’s research found, for example, that Greater London Authority is expected to see the biggest surge in house prices across its 3.7 million homes due to regeneration, bringing the total value to more than £2trn – a £71.8bn increase.

James Forrester, managing director at Stripe Property Group, said: “Such an extensive level of regeneration is great news for those areas due to benefit. There are large chunks of the UK that have long been neglected when it comes to central funding so it’s great to see such a large number of promised investment zones.”

By regenerating an area – which could include enhancing its public realm, improving connectivity and increasing the number of local amenities – it can be transformed into somewhere that greater numbers of people want to live. As a result, more investors want to buy, more tenants want to move, and more businesses want to be located there.

From a property investment perspective, this is likely to increase monthly rental yields, while also seeing the value of your investment go up for when it comes time to sell. Looking at areas that are earmarked for regeneration is therefore an effective way of selecting a property opportunity.

What’s happening in Manchester?

There’s a huge focus in Manchester at the moment on improving infrastructure and drawing more businesses to the area – and a number of major firms are planning to open or have already opened offices in and around the city as its prospects have improved.

Trafford is one area in particular that has seen a huge amount of investment ploughed into it in recent years, and this is ongoing. MediaCityUK in Salford is perhaps the most notable regeneration project, which has transformed the face and reputation of Salford as a place to live and work.

NOMA in the city centre is a redevelopment scheme that has become the largest in the north west, creating 400,000 square metres of office, residential, retail, leisure and hotel space. Notable buildings within the scheme include One Angel Square, Hanover Building and New Century House.

At Manchester Piccadilly Station, in preparation for the future arrival of HS2, huge regeneration plans are underway that will also transform the housing market there. Earlier this year, HS2 acquired a second major site in the centre of Manchester – Square One of Travis Street, near the city’s Piccadilly train station – for an undisclosed fee.

For Manchester, the progress being made towards extending the HS2 line up to the north west is already having an impact on the area. Regeneration plans for the vicinity around the station, including a new Piccadilly neighbourhood, are well underway.

The area around the existing station is currently relatively underdeveloped, making it an ideal spot for redevelopment and investment. The appeal of the high-speed transport connection is likely to be felt across the rest of the city, too, boosting the appeal of Manchester property investment.

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