The North West of England has become a hotbed of property investment in recent years, and one of the driving forces behind this trend is regeneration.
Regeneration is the process of improving and revitalizing areas that have fallen into disrepair or decline, with the aim of creating a better quality of life for residents and encouraging economic growth.
The North West has seen significant regeneration efforts in cities such as Manchester, Liverpool, and Salford, and this has had a transformative effect on the local property market as such cities have grown in reputation as some of the best places to invest in property in the UK.
One of the key benefits of regeneration is that it makes an area more attractive to investors, both domestic and international. By improving infrastructure, creating new amenities, and enhancing the overall look and feel of a place, regeneration can help to increase property values and generate higher rental yields.
Manchester
In Manchester, for example, the city centre has seen extensive regeneration efforts in recent years, with the development of new residential and commercial spaces, improved transport links, and the creation of new cultural and leisure attractions. This has made the city an increasingly popular destination for investors, particularly in the buy-to-let market.
The city centre has undergone a number of improvements in recent years, including the pedestrianisation of key areas, the installation of public art and sculptures, and the creation of new public spaces such as St Peter’s Square. As a result, the city centre has become a desirable hotspot for young professionals and demand has soared.
New cultural venue The Factory, set to open in 2023, will be a major addition to Manchester’s cultural landscape. It will include a theatre, a gallery, and a flexible performance space, as well as restaurants and bars. It is said that its opening will accelerate economic growth in the region by diversifying the city’s cultural infrastructure and creating a multitude of new jobs and opportunities.
Liverpool
Similarly, Liverpool has undergone a major transformation in recent years, with significant investment in the city’s waterfront area. The Liverpool Waters project, for example, aims to create a new commercial and residential district on the city’s waterfront, which is expected to generate significant demand for property in the area.
Liverpool ONE has been an enormous success since opening in 2008 – becoming a major retail and leisure destination. The development includes over 160 shops, restaurants, and cafes, as well as a cinema and a hotel. Liverpool ONE has helped to transform the city’s retail sector and has attracted millions of visitors to the area.
In addition, Liverpool’s Knowledge Quarter is a collaborative initiative that aims to create a world-class hub for science, technology, and innovation in the city. The project includes the development of a range of research, education, and business facilities, as well as public spaces and amenities which has been influential in the influx of students to the city and has subsequently increased demand for investment in such accommodation.
Salford
Salford, located just outside Manchester, has also seen significant regeneration efforts in recent years. The MediaCityUK development, for example, has helped to transform the area into a major hub for the creative and media industries, attracting a range of businesses and generating demand for property from both professionals and students.
On top of this, the Salford Quays Metrolink is a light rail system that provides easy access to the area from Manchester city centre and other surrounding areas. The system has helped to make Salford Quays more accessible and has boosted visitor numbers to the area.
Salford has also undergone significant redevelopment of its residential areas, with the creation of new housing and the renovation of existing properties. These efforts have helped to create a more vibrant and attractive living environment for local residents with house prices rising by 11.3% in the past year.
Should I Invest?
Overall, the North West’s regeneration efforts have helped to create a more diverse and dynamic property market, with a range of opportunities for investors. Whether you’re looking for high-end residential properties, student accommodation, or commercial real estate, the North West offers a wealth of options for property investors.
Of course, investing in property always comes with a degree of risk, and it’s important to do your due diligence before committing to any investment. However, with the North West’s strong economic fundamentals and ongoing regeneration efforts, the region looks set to remain a major draw for property investors for years to come.
