As the direct flight between Manchester and Beijing hit its two-year anniversary, Chinese investors continue to seek properties in the north-west.
A recent study launched at the British Embassy in Beijing analyses the economic impact the Manchester and Beijing flight has had on the north of England, including the growth in the north-west property market. The China Dividend: Two Years was published by independent consultants Steer and tracked the benefits across the north of England since the direct flight began.
Zheng Xiyuan, consul general of the People’s Republic of China in Manchester, commented: “Over the past two years, since the establishment of the direct flight to Beijing, the north of England has continued to experience rapid growth in trade and communication with China. Each year there are more students, tourists, and businesses coming to Manchester to experience the unique charm, culture and opportunity that the north of England has to offer.”
The north-west of England sees continued growth
The Manchester-Beijing route has grown quicker than any other UK-China flight that has been in operation for more than a year. Since 2016, there has been a 38% rise in visitors to the north of England, compared to an average of 30% in London and the wider UK. Additionally, the average amount a visitor spends in the north-west is up by 94%. Over the past two years, the number of Chinese students in Greater Manchester has grown by 9% compared with the overall national growth of 4%.
Although the flight connected the capital of China and Manchester, it has also benefited the north of England as a whole. The recent study showed economic growth from the flight, including hundreds of jobs that have been created.
Foreign investors finding opportunities in the north-west
Over the past two years, Chinese buyers have increased their investments in England’s north-west, especially in Manchester. This upward trend is expected to continue as the Chinese government relaxed regulations regarding buying properties abroad earlier this year, making it easier for Chinese buyers to invest in the UK. Also, Asian investors aren’t the only ones seeing opportunities in the north’s property market; many US investors are buying commercial properties in the north-west, Midlands, and Yorkshire.
The north-west of England is even leading the way in UK property price rises. Whether from near or far, many investors are seeing the benefit of investing in properties in the north-west, which is increasingly earning a reputation as a very lucrative region in the UK’s property market.
