22 Mar

Northern England property set to benefit from investment

Northern England property set to benefit from investment

An influx of government investment in the north of England could help to boost the region’s property market.

Chancellor George Osborne recently confirmed plans to provide £60 million to fund the creation of the HS3 link - a high-speed rail project between Leeds and Manchester.

The government is also set to provide £75 million to examine the potential option of an 18-mile Trans-Pennine road tunnel between Sheffield and Manchester to improve links between the two cities.

Such developments could play a major role in boost the value of properties close to the two initiatives, especially as they bring economic prosperity to the region.

Jan Crosby, head of housing at KPMG, explained there could be a sharp rise in interest from overseas buyers.

“While property investors from the likes of Asia and the Middle East have been interested in the Government’s narrative around the Northern Powerhouse, they have been waiting for the words to be backed with action and financial commitment to improve the region’s infrastructure before making large scale investments,” explained Ms Crosby.

He added: “The issue for these investors has been end user demand for property across the North as the scale of appetite simply isn’t as high for housing or for commercial property as they are used to in London or the South, because the ecosystem of infrastructure hasn’t been there to create an environment which attracts the end user in significant numbers.”ADNFCR-1222-ID-801815077-ADNFCR

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