INTRODUCTION Northern Powerhouse


An established concept that is gaining momentum across the North, acting as a driving force behind the region’s economic development and property market. The people of the Northern Powerhouse, investors, developers, occupiers and stakeholders locally and across the world are interested in being a part of it and pursuing the opportunities it presents to grow the economy.


Vision


The term Northern Powerhouse was first used by George Osborne in his speech at the Power Hall in the Museum of Science & Industry in Manchester in June 2014, when he said that the cities of the North are individually strong but collectively not strong enough. The whole is less than the sum of the parts. He explained the need for a Northern Powerhouse, created to work alongside the powerhouse of London.


It is not one city, but a collection of northern cities – sufficiently close to each other that if combined, can take on the world. He went on to explain how we are to build the Northern Powerhouse, suggesting the need to join together our northern cities, providing modern transport connections, supporting their science industries and universities, backing their creative clusters and by giving them the local power and control that a powerhouse needs to thrive.


What does this mean for the property market?


Increased population, including young workers who will remain in or migrate to the northern cities for employment opportunities in the financial, technical and creative industries. We can expect higher returns as the population increases, driving demand for property which will flow through to rents and yields. Elevated visitor numbers as a result of better transport infrastructure and a rise in business occupiers will increase the number of people travelling on leisure or business in northern cities.


www.northernpowerhouse.gov.uk


12 | NORTHERN POWERHOUSE


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