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UK regions get £6 billion in government funding to boost local economies and infrastructure
July 9, 2014Article by Ray Withers
There’s been a lot of focus on the booming London property market recently, with the regions playing catch up. The Midlands have become increasingly popular, with investors favouring cities such as my home town of Birmingham, Bradford, Manchester and Liverpool. We’ve written about what’s going on in these boom towns, so click on the links to find out more about each area.
£6 billion in funding for the regions
Now the government has announced the regions will receive £6 billion in funding for local departments, with the money supporting local business, creating jobs, building new houses and improving local infrastructure. The investment is expected to lead work on more than 150 roads, 150 housing developments and 20 railway stations, as well as kick-starting super-fast broadband networks.
Manchester tops the list with an injection of £170 million. This includes an £18 million revamp of the Metrolink transport system, with 12 new trams, revamped stations and improved bus services, as part of a wider £50 million transport package across Greater Manchester. London follows, looking to receive £151 million.
The North Eastern region will get £112 million, with Lancashire and the South East both looking at £84 million, £79 million for the West and Greater Birmingham and Solihull at £63 million. The Heart of the South West will also get £63 million.
Growth Deals set to back local infrastructure
This £6 billion is just the first instalment of £12 billion which is coalition is investing in a series of local “Growth Deals”, which PM David Cameron says are “a crucial part of our long-term plan to secure Britain’s future.”
Cameron said: “For too long our economy has been too London-focused and too centralised. Growth Deals will help change all that. They are about firing up our great cities, towns and counties so they can become powerhouses. By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs.”
Regeneration = profitable investment location
I’m particularly pleased to see Birmingham and Manchester up there. Regular readers of my blog will know how excited I get when I hear my home town is getting a boost. Plus Manchester has recently been tipped as “London of the North” (as well as being compared to Manhattan, USA) and has built an excellent reputation as a profitable investment location. I know both will do very well from this new funding.
Our investors can do very well from these locations too; and not just Birmingham and Manchester. As more people are priced out of the super-hot London property market, the wise money is going into the modern, regional booms towns like Bradford and Liverpool too.
City living bang on trend
Property hotspots spring up around regeneration areas and whenever a city gets a boost, so does its local economy, bringing in higher employment and a better quality of living. This in turn attracts more people to the area and they all want somewhere nice to live – especially the young professionals, who tend to rent in town until they settle down in the suburbs.
For this tenant market, a high spec city living apartment is bang on trend and this is exactly what our UK city living investments offer.
So get in touch on +44 1865 202 700 to find out more about which UK cities and investments will work best for your own portfolio.