This week’s unveiling of the government’s “Modern Industrial Strategy” promotes growth in the UK’s city regions, with potential benefits for Manchester property investors.
As with any promise of new investment and significant job creation, property investors stand to benefit from the potential future uplift in property values and rental demand with an increase in pressure for housing.
Sir Keir Starmer’s 10-year plan will aim to deliver “strong, secure and sustainable economic growth” across all parts of the UK, promoting the country’s profile as a stable and attractive place to invest.
Capitalising on qualities that the UK already possesses, including its “world-leading universities, skilled workforce, legal and regulatory frameworks, tech ecosystem, and content creators”, the Industrial Strategy focuses on sectors and locations with the greatest potential to raise national levels of investment and productivity.
The eight strategies, known as IS-8, that the government is honing in on are advanced manufacturing, the creative industries, life sciences, clean energy, defence, digital and technology businesses (including artificial intelligence and quantum computing), financial services such as banking and insurance, and professional services such as accounting and the legal profession.
City region growth is a “core focus”
City regions away from London have been a major target for both public and private investment in recent years, with the previous government’s ‘levelling up’ agenda creating a ‘Northern Powerhouse’ for businesses.
In the new Industrial Strategy, these regions are described as “the engines of the modern economy”, with city centres offering job opportunities both for city dwellers and those living further out.
The government has committed to removing the barriers for further growth that exist in these locations, including poor transport connections, skills shortages, and a lack of growth finance and commercially viable investment opportunities.
The regions under the spotlight include Greater Manchester, West Yorkshire, the West Midlands, Liverpool City Region, South Yorkshire, North East, West of England, Glasgow City Region, Cardiff City Region, and Belfast City Region.
Manchester: home of the Industrial Strategy Council
Manchester is set to be the home of the newly created Industrial Strategy Council from 2026, along with a secondary presence in London. This will make the city a key location for the strategy’s progress, providing a further boost to jobs and opportunities.
Chris Fletcher, policy director at Greater Manchester Chamber of Commerce, said: “This has been keenly anticipated and, since the Green Paper last Autumn, businesses and business organisations including the Chamber have been putting forward to Government what is needed to kickstart growth in the UK.”
He describes the confirmation of the new council in Manchester as a “big win” for the city, adding: “We think this is a significant benefit and will help in the wider delivery of the strategy building on the devolved areas of the country.”
Manchester property already leads the way
The fact that Manchester has been chosen as a key location for the new strategy is further confirmation of the city’s high and growing status as a business leader.
It adds to the reasons why Manchester property investors are choosing the city to expand to their portfolios, with its internationally renowned universities, exciting regeneration projects and rapidly expanding job prospects continually boosting the appeal of Manchester property.
Manchester property sales have been accelerating faster than other cities in recent months, while Manchester property investors have also been benefiting from some of the country’s highest rental yields according to the latest figures.
Those looking to invest in buy-to-let in Manchester will see high tenant demand from predominantly young professionals living in the city centre. With the new Industrial Strategy set to create even more high-quality job opportunities, the city could see a rise in London leavers looking to work and live in Manchester.
Thinking of investing in Manchester property? Get in touch with BuyAssociation today to learn about our opportunities in and around the city.
