With over 300 exhibitors, plus a host of seminars, events and debates, the two-day conference was a must for all involved in the industry and a great chance to network and meet new contacts.
My colleague Chris Baguley, Together’s commercial director, gave a presentation entitled ‘Investors looking North: exploring regional hotspots’ – something I’ve covered in my blog previously but which was particularly topical in light of the tax changes in the buy-to-let sector, the impact of Brexit and the announcement that Theresa May is using the Northern Powerhouse as a ‘blueprint’ for her plans to fuel growth in all the regions, something she intends to announce later in the year.
This talk of a regional stimulus programme will be music to the ears of property investors everywhere; particularly as more and more investors start exploring areas outside of the capital where the consistently high prices – with the average property now costing £474,736* – meaning that the recent stamp duty hike on buy-to-let has a bigger sting than elsewhere.
Spending on improving transport is at the heart of May’s regional plan, something that could have a major impact on the regional property markets given the weight of transport links in dictating property trends and prices.
Indeed, transport remains one of the key themes of The Northern Powerhouse, with links and hubs heavily improved over recent years. Even ignoring HS2 for a second - the Manchester tram network, new international airlines serving Manchester Airport and a £4billion investment in Birmingham’s public transport system are just a few key aspects to consider which impact on property in the North.
On top of this, the HS2 – the new high-speed railway linking London, Birmingham, the East Midlands, Leeds, Sheffield and Manchester – will revolutionise the regions, if the project can overcome the questions concerning budget and delays that have continued to create headlines. If it proceeds, however, investors will be snapping up properties in the areas it serves.
We can’t predict at this stage what the ultimate outcome of The Northern Powerhouse will be and it has faced some challenges recently – in particular with the resignation of Treasury minister Lord O’Neill, who had responsibility for the project – but there are positive indicators too. For example, Manchester was recently recognised by the Economist Intelligence Unit Global Liveability Survey as the UK’s best city and one of the top 50 cities globally, and saw house price growth of 4.2% in Q3 of this year.
For property investors, news of regional development can only be a good thing; creating even more opportunities, and I, for one, am certainly looking forward to hearing more about this, as and when May unveils her plans.
