Brexit may be the defining turn in recent political history, but the Northern Powerhouse isn’t far behind it. Envisioned by ex-Chancellor George Osbourne several years ago, the policy has outlasted those who set it up. The result is that we are seeing a spate of North West property investment, where the Powerhouse is being built.
Manchester is the centre of these events. Expat investors can join the fray by securing a buy-to-let mortgage now whilst plans for the Powerhouse are still being realised.
Why does the Powerhouse matter?
The Northern Powerhouse is part of a wider aim to devolve economic, social and cultural opportunities in the UK. The South has long been the focus of property, transport, education, services and business networks, and the Powerhouse is meant to buck this trend.
Cities such as Liverpool, Sheffield, Leeds and Manchester are being linked together via dependant schemes and regional political systems. The aim is to join forces, bringing a value of £300bn – the entirety of the North of England’s GDP contribution – up by another £56bn. Few sectors will fail to feel the push of the combined scientific and social developments, and thousands of jobs are likely to be created as a result.
Many areas of public and commercial life are due to benefit. £3.4 billion has already been granted for new business ventures, whilst the HS2 railway from the East to West (heading out from Manchester’s Piccadilly station) is slated to be finished in 2032. That may be more than a decade away, yet the Powerhouse’s promises are already drawing more people, including renters, to northern cities.
Why securing a buy-to-let mortgage is a wise move
Buy-to-let investment is soaring; tens of thousands of workers, sensing the change in the air, are moving to the North West’s urban communities to take advantage of the Northern Powerhouse’s offerings. That’s why investors from China are flocking to Manchester – enquiries for real estate have spiked 250% in a year, buoyed by strong capital forecasts and rental yields.
It’s the perfect climate in which to find a buy-to-let mortgage. Manchester, especially, is in a class of its own. Rental growth is predicted to climb for the next four years; stats from 2017 alone show an 8.6% jump in property prices, which engender higher rent. Average rent figures hover at just over £1,000 per month in this centre of the Northern Powerhouse.
Buy-to-let prospects in the North West are increasingly attractive. Liquid Expat Mortgages can show you where the hottest spots are for new, optimistic rental property investment opportunities. Our team of specialist mortgage brokers can also help uncover the lenders that are right for you and your aims. All it takes is a conversation with one of our advisors.
With help from Liquid Expat, you can make a perceptive portfolio move whilst the Northern Powerhouse nears completion. The government’s scheme looks promising for those who invest before the growth predictions are actualised.