‘Location, location, location’. It may be a cliche but it is certainly one of the first things to think about when choosing your next property investment.
Looking at future investment prospects in an area is a key way of finding out where might be set for future population growth as well as house price rises. While the UK’s major cities are continually receiving investment boosts, both from local council initiatives as well as private ventures, looking elsewhere at more peripheral towns can also be a useful strategy.
The government has just announced plans to regenerate 100 towns – 45 of which are across the Northern Powerhouse – with funding through its new Town Deals bringing the total fund to £3.6bn. The initiative will regenerate town centres, boost local businesses and improve infrastructure, all of which will be a huge benefit to the local property markets.
Each town will receive up to £25m, with which the local council can decide how the money is spent based on local needs. It can be used to redevelop empty buildings and land, encourage private sector investment through supporting small businesses, and helping young people attain the skills they need to get good jobs. Transport links and broadband access can also be improved.
A boost for the north-west: focus on Bolton and Preston
With a major part of the funding going towards parts of the north, two of the 100 chosen towns to receive money will be Bolton and Preston – both of which are key areas in the north-west seeing major improvement, expansion and investment over recent years.
Bolton: Bolton already has a £1.5bn masterplan which will transform the town centre over the coming years, with new images of what will be a transformative £45m scheme in the centre being revealed this week. The proposals include a 20-storey modern apartment block containing 133 apartments, which will be the town’s tallest ever building, along with 30,000 square feet of new office space with a 494 space car park.
It is expected that this investment will kick-start regeneration across the town centre – and the property market will benefit in particular.
Alec Colbeck, development director at Beechlane Investments, said: “Trinity Gateway is a truly transformative project and one which will elevate the profile of the town and set a new benchmark for quality in Bolton.
“It is a tremendously exciting time for the town with a number of significant development proposals about to enter the delivery phase. ”
Preston: The UK’s newest city, Preston, will receive a share of the government’s promised funding, and it already has a number of projects underway. The Preston and Lancashire City Deal is bringing £434m of investment to the city, improving transport infrastructure in the area while creating an estimated 20,000 new jobs and 17,420 new homes. The local economy is forecast to grow by more than £1bn over the next decade as a result.
Major transport work is also underway across the city, with the £207m Preston Western Distributor scheme expected to vastly improve road capacity and reduce congestion and queuing.
County Councillor Geoff Driver CBE, leader of Lancashire County Council, said: “[The project] will particularly benefit people who live or work around the city, as well as further afield, by helping them to get between the motorway network and the city more easily.”
As both Bolton and Preston continue to see vast improvements, property investment in the area is growing in popularity. If you’re looking for your next investment location, both towns should be top considerations. Visit our investments page or contact us to find out what opportunities we have on offer.
