It is no secret that the North West has continued to go from strength to strength over the past few years, with more people than ever before looking to buy and invest in the area, however, according to a new report by BuyAssociation Group, from an investment perspective, the North West has achieved ‘the greatest capital appreciation over the past five years, with trends indicating continued growth in the region.’
Such a promising claim means great things for architecture jobs in the North West and property jobs in the North West as well, with consistent demand driving forward an array of exciting projects. This is also an indication of the migration of many individuals and businesses from being solely based in the South of England, to the diversifying to other parts of the country.
Figures from home.co.uk state that property prices in the North West have increased by 29% since the beginning of 2020 vs the national average for England and Wales which sits at 15%. There is an even bigger disparity when looking at locations such as Greater London which sits at a 5% rise overall for the same time period.
In the report, it states that ‘rental yields are undeniably a key driver of regional growth disparity, directing investment away from arguably over valued locations predominately in the South towards the northern regions. Overall, the vital signs of the UK property sales market indicate a positive state of health, due mainly to continued demand in the North.’
Manchester came out on top for the city driving the strongest growth in terms of long-term and short-term property investment opportunities, with the report stating, ‘Manchester stands out as offering not only high yields, but some of the strongest price growth prospects in the country.’ This is due to a range of different factors from high rental demand from a variety of different demographics including students, young professionals and more, as well as the level of investment and regeneration that has been poured into the city, funding a variety of commercial projects. Manchester is also complimented by the surrounding areas in terms of investment opportunities, with many looking to commute into the city for job opportunities.
Liverpool was also called out as a top performing city when it comes to property investment success. The report outlines that prices in Liverpool are generally lower overall when compared to Manchester, but again the incredibly high tenant demand in the city offers higher rental yields overall, making it very relevant for long-term investment opportunities. Similarly, Liverpool has also undergone a complete transformation in many areas of the city, with key projects such as Liverpool Waters providing a host of new investment opportunities.
Overall it is exciting to see the North West being called out as an area of opportunity for property investment growth, and in particular seeing Liverpool and Manchester specifically highlighted. The rise in demand in these areas will mean great things for property and architecture jobs, and it will be interesting to see if this growth is maintained on a long-term basis.