Overall, the housing market in the North of the UK is strong, with Manchester particularly feeling the benefit of increased global interest, ever increasing housing demand and substantial development activity.
The UK Government’s Northern Powerhouse initiative is continuing to pick up momentum which is allowing Northern cities to look to the future with assurance.
The figures back this positive rhetoric, with 16% in capital value growth in Manchester last year. JLL have recently forecast house prices in Manchester to grow by up to 28.2%, and the North West to rise 18.1% until 2021.
The region is expected to welcome almost 42,000 new households each year, many of these making cities their home – this projected increase in population will add to housing demand, pushing up both house and rent prices.
Politically, further devolution for the northern cities should continue to benefit the region; funds will be allocated to where they are needed, resulting in better places to live.
Manchester ahead of London in ranking for top global cities for house price growth
The HS2 and HS3 high speed train lines will close the gap between the North and South and between Manchester and Leeds. This, along with the Northern Powerhouse, will encourage business in the north and further boost economic prosperity (Predicted economic growth in the region of 1.5% between 2017 and 2021)
With current and projected figures painting a good picture for the Northern housing market and Greater Manchester particularly, investors may be wise to turn their focus away from London and more further up north.
