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All You Need to Know About the Northern Powerhouse Manchester Strategy

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    Exploring the Opportunities and Impact of the Northern Powerhouse

    The Northern Powerhouse Strategy started in 2014 when George Osborne made a speech pledging to reinvigorate the North West. Ever since the cities within the project have seen exponential growth and enjoyed regeneration through investment from the government’s scheme. At the heart of the Northern Powerhouse sits countless investment opportunities for investors to get involved with.

    The idea behind the Northern Powerhouse is to push these once-forgotten North West cities into the limelight, and so far, this has been successful. If you want to find out more about the Northern Powerhouse Manchester strategy and what the future has in store for the scheme, plus the core cities within the Northern Powerhouse and the influence of the scheme on Manchester, we’re covering it all.

    Interested in finding out more? Keep reading to find out all you need to know about the Northern Powerhouse.

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      What is the Northern Powerhouse Strategy?

      The Northern Powerhouse is a government-backed initiative to help improve the economic prospects of Northern cities. The project combines the Northern Powerhouse Investment Fund, the Northern Powerhouse Partnership, the European Regional Development Fund and Local Enterprise Partnerships (LEPS).

      It was originally announced by George Osbourne in 2014 who planned to put technology, science, sustainability and health at the forefront of the scheme for economic advancement. Since implementing various strategies, Manchester and other Northern cities included in the scheme have enjoyed vast improvement through infrastructure and investment opportunities.

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      The Six Core Cities of the Northern Powerhouse Partnership

      Known as the capital of the North of England, Manchester has benefited greatly from the Northern Powerhouse strategy. However, there are six other ‘core cities’ at the heart of the project too. Liverpool, Leeds, Newcastle, Hull, and Sheffield all join Manchester in playing a part of the scheme.

      One of the cities, in particular, has seen huge growth from the scheme; Liverpool is still at the focus of the Northern Powerhouse with an announcement in mid-2019 of the Northern Transport Strategy, which proposes a radical overhaul of Northern transport infrastructure. These detailed changes aim to invest in more concentrated improvements on the rail network between both Manchester and Leeds. The Knowledge Quarter area of Liverpool, including the science park and the new Royal Liverpool University Hospital, has been a key element of the Northern Powerhouse scheme.

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      Why Invest in Northern Powerhouse in 2024 and Beyond?

      Cities involved in the Northern Powerhouse strategy have seen notable and prosperous booms in their economy since the start of the initiative. The likes of small businesses, individual investors and other workforces now have more disposable income than ever which ultimately means the Northern Powerhouse has been successful up to now.

      Investors wanting to purchase property in the Northern Powerhouse in 2024 will want to get clued up on the facts and statistics. Since young professionals and students are flocking to these core Northern cities due to increased job opportunity as well as affordable living, investors will want to look towards the city centre for their property investment. What are the reasons to invest in the Northern Powerhouse region and start making returns on your investment?

      Northern Powerhouse cities such as Liverpool, Leeds, and Sheffield have all been listed in the top 25 postcodes for buy to let rental yields between 2020, 2021, 2022 and 2023. On average, rental yields are higher in the North, which is why so and the South East and choosing opportunities in the Northern Powerhouse.

      While the student population of these cities is growing year on year, the number of residents in the Manchester city region has grown too. Manchester, in particular, is one of the youngest places in Britain with nearly a quarter of its population aged between 20 and 29. This generation is a lot more likely to rent, which means good news for investors who own buy to let property. Plus, these cities are flooded with students attending university who will be looking for places to rent during their time studying.

      Liverpool and Manchester, along with the other Northern Powerhouse cities, offer investors affordable property prices. Unlike the counter Southern cities like London, investors can enjoy generous returns on their investments. For investors who may traditionally be focused on these cities, the Northern Powerhouse initiative should be encouraged to look for new Northern property opportunities.

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        Manchester as a Property Investment Opportunity

        Manchester offers investors some great opportunities to generate returns as the city has some of the best rental yields in the country. In the last decade, Manchester has been the recipient of extensive, ambitious and large-scale regeneration work and become a key player in the Northern Powerhouse. The Northern Powerhouse Manchester initiative has greatly impacted the prosperity across the North and has shown people that it’s the ideal place to do business and invest their money.

        The, which includes Manchester as a key city, has mainly been down to the Northern Powerhouse initiative, including the city region and pumping a lot of investment money into the centre of the Northern capital. Transport for the North has been a key player in changing up the transport for cities and towns in the North of England. In fact, in mid-2019, Northern Powerhouse Minister Jake Berry MP announced the success of the initiative that was started by George Osbourne and the important milestone of expanding network businesses in Manchester. According to a Gov. uk article, the MP Jake Berry stated that:

        “Our Northern Powerhouse Partner Programme includes businesses of all sizes across a variety of key sectors, clearly showing the strength in depth of this incredible region. They are all helping the North of England to thrive by creating jobs, boosting local economic growth and providing opportunities for people to reach their full potential.”

        While the potential of Manchester may seem like it’s already been exceeded due to successes, the future of Manchester is exciting. The prospect of more investment only makes for a boost in the economy, meaning there has never been a better time to invest in the Manchester city region.

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        The Future of the Northern Powerhouse for Manchester

        According to multiple sources, the future of Manchester and its involvement in the Northern Powerhouse initiative will channel innovation and continue to improve the local transport and economy of the city as well as other ‘core cities’. The is only just beginning with multiple projects in the line-up. The likes of the £1 billion Manchester Waters project will create 2,500 new homes, retail investment opportunities as well as office and commercial space.

        RWinvest offers a range of luxury apartments in the Northern Powerhouse, Manchester and Liverpool included. There are many buy to let opportunities available with us throughout the North West that are affordable with the potential for capital appreciation, and investors shouldn’t miss the opportunity to invest before property prices skyrocket. To find out more, explore our Manchester property investment page or contact us today.

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        Author

        Reece Pape

        Reece Pape is a property writer at RWinvest. Reece is passionate about keeping property investors updated on must-have information and housing market news, utilising the latest property market statistics and data.

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