As Manchester City Region expands to its next stages of regeneration projects, the housing market is expected to see a significant boost, meaning now is the prime time to start investing in the region.
Regeneration projects are an important staple in city regions found throughout the UK, as they benefit residents and grow the local economy. The after effect is that they also boost the local housing markets. Recently, the CBRE found local regeneration boosted housing prices by 3.6%, and the Greater Manchester Combined Authority agree, expecting an estimated boost of £10.2bn to the value of Manchester’s property market.
But which projects are expected to boost the market?
The first of the two major regeneration projects is named NOMA, a 400,000 sqm office, residential, retail, leisure and hotel space, which has become one of the largest developments in the North West. Some of the events planned for NOMA include public spaces, encouraging local business growth via markets and outside festivals.
Noma is planning to focus on refurbishing buildings to keep to the city region’s historic aesthetic, and develop new space inline with modern architectural standards in order to create a design focused on modern sustainability and ease of access.
The other main regeneration project is the arrival of HS2. Already, Manchester benefits from multiple transportation networks and hubs such as Manchester Airport and Metrolink services. However, one of the most used hubs is Manchester Piccadilly, which offers a range of services that stretch across the UK. Connecting HS2, which aims to shorten journeys by 50% or more, will benefit Manchester by broadening business links and boosting capital economy.
With the completion of this substantial high speed rail network, Manchester will consolidate, expand and realise it’s vision of becoming one of the UK’s most important business hubs.
Due to these regeneration projects, demand for property in Manchester remains stable, and developers can see a vast amount of people driven towards the city in hopes for employment opportunities, following the number of jobs predicted to be created.
The expected population growth is a clear indication of a successful city centre. It is anticipated that 20,000 extra residents are set to join the city centre and surrounding areas by 2023. This will ultimately lead to an immense pressure on the available housing stock and is expected to push property values to new heights, creating a great environment for investors wanting to diverse their portfolio, or add to their existing units.