In the North West of England investors are currently achieving among the highest rental yields and capital growth in the UK. Asking prices in the North West show no signs of slowing down as they continue on their upward climb, supported in part by low mortgage rates, high rates of employment, and a surge in demand from buy-to-let investors.
Data shows that growth in the average price of property coming to market in the North West is significantly higher than the national average, which is up 0.7% month-on-month.
Savills’s latest forecast is tipping house prices in the northwest to outperform the rest of the country over the next five years, with 1.5% growth in the next 12 months and 18.1% by 2022. This compares with a national average of 1% for the coming year, and 14.2% by 2022. The property consultancy JLL also favours the North West to be the region to see the most price growth, predicting a 3% rise in 2018, and 16.5% over the next five years.
With an economy which generates over £150 billion of gross value added (GVA) each year, accounting for more than 9.4% of the national GVA output, the North West of England has become a bastion of business innovation and opportunity. The region is home to nine of England’s 44 Enterprise zones – areas that support both new and expanding businesses. From world class facilities to expert mentorship, the North West has repeatedly proven itself as a leader when it comes to supporting business growth.
The North West is well-served in terms of global connectivity, being home to two international airports, 14 higher education institutions and access to practical advice and support through organisations such as the Department for International Trade and local Chambers of Commerce.
The major strategic investments in the region over the last few years at Media City, Manchester Airport, the Atlantic Gateway and through the Northern Powerhouse, are acting as catalysts for growth. With a mammoth economy which is even bigger than 15 European Union (EU) countries together, England's Northwest operates at an international level.
The main cities to think about investing in in the North West of England are:
Manchester is known as one of the best cities in Europe to start a business only after London. It is contemporary, creative and confident.
Liverpool: This city features a potent, distinct business base such as those in financial services, biotechnology and so on. It is a famous region in North West England to allure major investors.
Cheshire: This city is home for a number of MNCs and its financial and research sectors are showing massive potentials which are all waiting to be explored. It is also a powerhouse station.
Lancashire: This region which is known for its exuberant past is rejuvenating itself with highly advanced engineering and sophisticated manufacturing.