The transference of power from Westminster has many implications for the city of Manchester, not least in the property market. Greater Manchester is larger than many countries with a population of over 2.7 million people, so the freedom to choose how the local council prioritises its funding and spending is sure to be welcomed.
Many locals, including Manchester City Council Leader Sir Richard Leese, believe that the move will help put the decision making process firmly back into the hands of the region, rather than be dictated to by those in the capital. With this newfound freedom, it is hoped that job prospects in the city will increase and the local economy will enjoy a boost as a result.
If this proves to be the case, property prices in Manchester should see an upswing too as demand grows and new developments begin to take shape, further improving the city.
New Investment Looks Set To Boost The Housing Market
The Greater Manchester Housing Fund has been introduced as part of the devolution process and the £300 million that it brings will certainly be welcomed by developers looking to improve the quality of housing in the area. It is hoped that the fund will lead to better housing across the spectrum, from one-bedroom flats through to more extravagant family housing.
Housing demand is far outstripping supply as the city continues to enjoy economic growth. It is hoped that 10,000 to 15,000 new houses will be built every year to cater for the existing demand and to help accommodate the anticipated future need for quality housing in the city too.
Twenty-Year Plan
The fund has the ultimate aim of delivering 220,000 homes over the next twenty years and the council hopes to recoup the loans made and recycle the money 2.5 times over the length of the project. The total value being placed on the project at present is £1.5 billion over the entire lifetime of the fund. Developers are already being encouraged to take full advantage of the money available.
Regeneration Is Already Underway
Many areas of Manchester are already seeing dramatic changes with new housing developments cropping up across the city. One of the most spectacular transformations is the astonishing X1 Eastbank. Partially completed, X1 Eastbank’s first phase of apartments has already sold out, and phase two looks set to follow suit.
X1 The Plaza at Eastbank, as the second phase is named, will bring a further 194 one, two and three bedroom apartments to the city, including 11 luxury penthouses. Also included in this phase of the development are seven townhouses and 102 secure private parking spaces.
X1 Eastbank is just a short walk from the city centre and has the added bonus of excellent travel links via Manchester Piccadilly Station. Within the complex itself there is also a gym that is exclusive to residents and, with the city centre so close, residents will be able to enjoy all that an urban lifestyle has to offer.
Final Thoughts
All in all, the future looks bright for Manchester’s property market. The Greater Manchester Housing Fund, provided as part of the devolution package, looks set to improve the quality of housing and go some way to meeting the demand in the city. Investors could do a lot worse than take a closer look at Manchester.
Jonathan Stephens is the founder of Surrenden Invest and has a wealth of experience in the property sector and shares his knowledge by writing for property and investment magazines.