The Northern Powerhouse initiative has been transforming the investment landscape in the North of England since its launch in 2014. Focusing on major cities such as Manchester, Liverpool, and Leeds, this project aims to redress regional imbalances and boost economic growth. Let’s explore the promising property investment prospects in these northern cities.
Manchester: The New Powerhouse of Property Investment
Manchester has firmly established itself as a leading property investment hotspot. With one of the fastest-growing economies in the UK, a booming job market and a large student population, demand for housing has outstripped supply.
According to a report from JLL, property prices in Manchester are predicted to increase by 17.1% from 2020 to 2024, making it a prime location for capital growth. Major regeneration projects, such as the £1 billion Manchester Airport City project, further enhance the city’s investment appeal.
Liverpool: A City on the Rise
Liverpool’s property market has been on an upward trajectory, with the city achieving some of the highest rental yields in the UK. A 2020 report from TotallyMoney placed several Liverpool postcodes in the top ten UK areas for rental returns.
Investors can look forward to promising growth, with JLL predicting a 13.1% increase in property prices from 2020 to 2024. The £5.5 billion Liverpool Waters regeneration scheme is set to create 9,000 homes and 315,000 square metres of business space, fostering significant investment potential.
Leeds: Northern Powerhouse's Rising Star
As the cultural, financial, and commercial heart of West Yorkshire, Leeds presents excellent property investment opportunities. According to Zoopla, Leeds saw an impressive 5.6% annual property price growth in 2020.
Leeds is experiencing significant regeneration, with projects such as the South Bank, set to double the size of the city centre and create 35,000 jobs. Its status as a major UK tech hub also fuels housing demand, attracting young professionals seeking quality rental accommodation.
Manchester, Liverpool, and Leeds are emblematic of the Northern Powerhouse’s success, demonstrating strong growth and a robust property market. As these cities continue to thrive, property investors can capitalise on their promising future. A focus on long-term growth, urban regeneration, and demographic trends can guide savvy investments, offering attractive returns in these vibrant northern cities.