It is no secret that Manchester has continued to evolve into a property hotspot over the past few years, with interest from residents and investors alike when it comes to renting and purchasing property in the city. This momentum is not set to slow down anytime soon, with the announcement of the ‘Modern Industrial Strategy’ from the government, which is designed to promote further growth in the UK’s city regions and could lead to another boost for those with a stake in Manchester’s property market.
The ten-year plan is designed to produce ‘strong, secure, and sustainable economic growth’ across all parts of the UK, capitalising on the UK’s ‘world-leading universities, skilled workforce, legal and regulatory frameworks, tech ecosystem, and content creators’ to fuel the initiative.
Such a wide-scale plan can only mean great things for architecture jobs and property jobs across the country, but in particular in hotspots such as Manchester, as the plan is designed to focus on locations ‘with the greatest potential to raise national levels of investment and productivity.’
The construction of further high-quality homes will have a domino effect on the local economy, as it will not only provide continuous fuel to an already thriving property market, but it will also encourage a new population of people who will be integral to getting the initiative over the line to live and work in and around the surrounding area, thereby further assisting the property scene as the desire to rent and purchase properties will rise to meet this demand.
The strategy, which is set to take shape from 2026 onward, is designed with a particular focus on city regions outside the capital, with an emphasis on creating a ‘Northern Powerhouse’ as these locations have been described as ‘the engines of the modern economy.’ The commitment from the government will also focus on contributing factors to holistic economic growth in these areas, including skill shortages, a lack of commercially viable investment opportunities, and poor transport connections.
The fact that Manchester has been highlighted as a key location in the initiative demonstrates awareness of the city as a property hotspot with massive potential for further growth, which will provide an eye-catching draw for investors looking to expand their portfolios. This will also further fuel trends of success seen in Manchester’s property market, such as how investors have been benefiting from some of the highest yields in the country in this city.
Policy Director of the Greater Manchester Chamber of Commerce, Chris Fletcher, has stated that ‘this has been keenly anticipated and, since the Green Paper last autumn, business and business organisations including the Chamber have been putting forward to the Government what is needed to kickstart growth in the UK.’
Fletcher also went on to highlight how this is particularly important for Manchester as a city, stating ‘we think this is a significant benefit and will help in the wider delivery of the strategy building on the devolved areas of the country.’
This new strategic movement has the potential to improve Manchester’s already thriving property industry even further. With so many new opportunities on the horizon, it will be interesting to see how this impacts those with an interest to live and work in the city versus other key urban locations such as London, as well as the impact it will have on other key cities in the Northwest such as Liverpool.