Property Guide for the North West of England

As far back as Anglo-Saxon times, Britain has been a divided nation, with the south continuously prospering. The Northern half was run by the Danes, while the Romans build a prodigious wall to provide a barrier against invasions. Move forward to the 19th century, however, and the roles reversed. The industrial revolution gravitated to the North and Midlands, where people looked for work in Birmingham, Manchester and Leeds.

Today, the divide still exists, with politicians and commentators claiming the wealth gap is widening, or “the poor are getting poorer; and the rich vastly richer.” But, is this really the case? Both the North and South have pockets of poverty, or regions of richness, it’s just that the south (or London, mainly) has dominated the limelight for centuries due to property, politics and public relations. The north has been understated for some time, but now it is making a commercial comeback.

The north west of England is home to over 6.7 million people and the 12th largest economy in Europe. It is also hosts thriving and vibrant cities such as Liverpool and Manchester, as well as beautiful natural landscapes and beaches; the latter being something that is forgotten or dismissed. What’s more, the Northwest region of England is rich in history and culture, it is thriving and growing in prosperity and is an area of the UK where the health and strength of the local property market is robust and built upon excellent fundamentals for long-term stability.

Consisting of Cheshire, Cumbria, Greater Manchester, Lancashire and Merseyside, England’s Northwest region is home to 75% of the top 100 companies in the UK, and more AIM-registered PLCs have established themselves in the region than anywhere else in the UK - apart from London. As a direct result, the Northwest has an affluent annual economy of £111 billion as well as very healthy employment rates. The number of people in employment has increased by more than two-and-a-half million since 1997, and currently stands at around 29 million.

One of the most talked about assets of the Northwest is the Manchester City Region. Already working hard towards achieving a status of sustainable wealth creation for its citizens too, Manchester contributes one-fifth to the economy of the entire North of England and is considered the international gateway to the North thanks to its thriving airport; another important fact about the city is that it contributes GVA to the UK economy of £47 billion annually.

“The North, particularly in a commercial sense, has been attacked for as along as we can remember,” says Simon Eastlake of Serviced Office Company, who offers executive office space in Manchester and other locations around the UK. “However, the recent property resurgence and interest from outside businesses has made a positive, indelible mark on the Northern map. When you consider the immeasurable impact cities like Manchester and Liverpool have had on our economy, it’s extremely surprising that these redevelopments haven’t been initiated sooner.”

Both Manchester and Liverpool have become flourishing centres of economic activity in their recent history because the Northwest was one of the first areas of the country to establish hugely successful urban regeneration initiatives. The region is about to receive an extra £521 million in regeneration funding between now and 2013 from the European Regional Development Fund. This money is being ploughed into further improving employment opportunities and expanding the region’s annual Gross Value Added by another £1.17 billion, and it proves how committed the likes of RENEW Northwest, Urban Regeneration Companies, and English Partnerships are to further improving the assets of the Northwest and the lives of the people who live and work there.

Outside of the Northwest’s main City Regions there are further centre’s of significant employment; Cheshire is home to AstraZeneca’s largest global R&D centre, for example, and Lancashire is famous for advanced manufacturing and engineering. Some of the big name employers in the Northwest include Google, Jaguar, ITV, Bank of New York, the BBC, Bentley, BAE Systems, IBM and Barclays. Due to the airports of the region, which serve 270 international destinations, there are almost unrivalled employment options open to those living in the Northwest.

The Northwest is also committed to the provision of affordable housing. Whilst many are drawn to the region because of its excellent employment prospects, there are those who are local to the Northwest who have been priced out of a rising market and those who are moving in who require affordable rental accommodation. The National Affordable Homes Agency (NAHA) has provided thousands of homes for rental and low cost ownership across the Northwest in the last nine years and is continuing its efforts to ensure there is balance in the property market. Their work is being supported by the government that pledged in a recent Green Paper to build 70,000 more affordable homes a year by 2010/11 - 45,000 of which will be social homes.

“The new housing developments are indicative of the commercial growth, and as a local business, we will strive to support these campaigns,” continues Simon. “For me it’s a simple solution: if there’s work in the area and people are happy, then the long term prosperity, and in particular the infrastructure, will be preserved. We have had a consistent pipeline of interest from reputable companies from the South who intend to create a presence in the North. The North is now a desirable and profitable place to live and work.”

The Northwest seems to be landscape that is currently benefiting from sustainable investment and sustainable commercial growth. It is an area in the UK for both lifestyle and business infusion, with pockets of affluence and resolution. So, the north south divide may exist, but the north is now standing up to its neighbour. And about time too.