With rental rates and house prices struggling in London, the regions that comprise the Northern Powerhouse are flourishing. Over the next 5 years, estate agency Knight Frank predicts house prices will grow in the North West and North East of England by 16.4% and 14.8% respectively.
This is well above the 14.2% national average, meaning the UK’s northern regions will continue to outshine London and the South, where affordability concerns are restricting growth.
Transport developments in particular are set to provide a boost to the northern economies, with projects like HS2 and the Northern Powerhouse Rail programme designed to enhance connectivity throughout the region.
The resulting rail developments should allow over a million people to access the largest cities in the regions within an hour, where currently fewer than 10,000 have such access.
Cities like Sheffield are set to capitalise on the benefits of being part of the Northern Powerhouse initiative, with Sheffield buy-to-let developments likely to be popular among investors looking to enhance their portfolios.