The idea of the ‘Northern Powerhouse’ has been leapt upon by the UK government to name their strategy to narrow the gap in the North-South divide. Since last year, it’s been noted that the North has seen the fastest rate of growth out of all UK regions. This post takes a look at why investing in business property in the North is becoming lucrative for return on investment.
Rejecting the London-Centric Trend
The saturation of the city of London has reached alarming levels in terms of population, extremely high rent and cost of living, which prompts people to look elsewhere to make their mark on the business world.
Cities like Leeds, Manchester, Sheffield, Newcastle, and Liverpool are reeling in businesses as leaders demonstrate antipathy towards the London-centric tendency of the UK markets in recent years, and are looking to make their mark on the North.
Growth up North
Sources reported last year that regional business offices in the North of England had experienced double digit growth trend, which correlated with city centre regenerations and regional development. Just as businesses are looking elsewhere for affordable business costs, employees and job seekers are looking to the North as an alternative to a saturated job market in the South. This means a collective influx of skilled and experienced workers available in the North.
The North really is a savvy place to look for investment opportunities; there is more space, it’s far less extortionate than London, and is recognised as being up-and-coming, with a rise in job creation and acquisition.
Companies like GVA recognise the enormous potential for growth the ‘Northern Powerhouse’ provides. The North, with its primarily industrial past, still retains much of the industrial space, and infrastructure which presents business with fantastic investment and development opportunities that outstrip the narrow, costly and compromised opportunities offered in London.
In terms of return on investment and getting hold of commercial property in the North, it’s a fact that will set you back far less financially than London. Your business will be better placed to flourish with the capital saved. Property prices in the North are expected to rise as the Northern Powerhouse establishes itself in the next few years.
Getting hold of commercial property now will stand you in excellent stead to make substantial return on investment at this critical time of growth, as evidenced in many financial reports and predictions in the last couple of years.