A term first coined George Osborne in June 2014, the ‘Northern Powerhouse’ essentially expresses the vision to create better connectivity to help readdress the imbalance between London and the North. On 4th May, the team from Allsop’s office in Leeds came to London to give their insight into the opportunities for residential investment in the North of England.
Despite the challenges of creating a Northern Powerhouse, change is already afoot. Significant investment is being committed, including Grosvenor’s £1bn investment in the Liverpool ONE shopping centre. In Leeds, Hammerson is progressing on site at the £150m Victoria Gate shopping centre, which is anchored by Harvey Nichols and will be home to the largest John Lewis outside London. Manchester is not only buzzing from the development of Media City, but a further 1m sq ft of Grade A office space is under construction and the University of Manchester is undergoing a £1bn campus development.
With 65,000 new jobs forecast to be created in the greater Manchester area over the next five years, job growth is expected to be higher than Tokyo, Beijing and Paris.
The improvement to the infrastructure in these three cities is an important factor in the strengthening and sustainability of the property market. Demand for residential investments in the North now outstrips supply, driving confidence and attracting investors.
Apartment values in Leeds and Manchester have risen by around 15% over the last two years and by 5 -10% in Liverpool.
The North is now firmly on the political agenda. Combine this with the investment in infrastructure, the on-going regeneration of the regional cities, the population growth, the quality of life and affordability and, according to Andrew Wells, Partners in Allsop’s Leeds office, “the North of England is very definitely investable”.
Opportunities for investment
- Small to medium scale suburban developments
- Traditional city centre PRS
- Build to rent
Notes to editor
Allsop is an independent property consultancy with a market-leading reputation for high quality service, integrity and innovation. We are also well known as the UK’s largest and most successful auction house. Our success is built on over 100 years’ experience in commercial and residential property consultancy and sales.
Anna Jones, Residential Marketing and PR Manager at Allsop on 0207 543 6728 or email@example.com