Property markets in regional UK hubs received a boost this month when Transport Secretary Chris Grayling confirmed the majority of the preferred HS2 route from Crewe to Manchester and the West Midlands to Leeds.
The direct benefits of HS2 will reach far beyond the towns and regions directly served by the newly built railway lines, creating property investment opportunities in areas with improved commuter links.
As the full network is completed, new HS2 trains will continue up the East and West Coast Main Lines, serving areas including: Stafford, Liverpool, Preston, Warrington, Wigan, Carlisle, Glasgow, York, Darlington, Durham, Newcastle and Edinburgh.
Said Mr Grayling: The full HS2 route will be a game-changer for the country that will slash journey times and perhaps most importantly give rail passengers on the existing network thousands of extra seats every day. They represent the greatest upgrade to our railway in living memory.”
Looker closer, the western branch of HS2 will continue north from Crewe to Manchester Airport and from Manchester Airport on to Manchester city centre, where a new HS2 station will be built next to Manchester Piccadilly. There will also be a connection to Liverpool and to the existing West Coast main line allowing HS2 services to continue north, serving stations to Glasgow and Edinburgh.
This announcement comes at a time when the UK government has announced its desire to attract £5billion of foreign investment, including Chinese buyers Overseas interest in property in the North of England has increased significantly throughout the course of 2016, with Chinese buyers especially attracted to Manchester, fuelled by President Xi Jinping visit to the city last year.
“Interest for the local property market has increased from Chinese buyers as Manchester’s credentials as an investment hotspot continue to increase, not only leading the Northern Powerhouse but also challenging London as the buy-to-let capital of the UK,” said one Manchester based investment consultancy.
“Accessibility is crucial for overseas investors and with Manchester’s regional airport now welcoming regular direct flights from China, investment to the city is subsequently thriving. We have already witnessed this improved connectivity impact the Manchester housing market, with Chinese buyers able to fly in regularly, sometimes for less than 24 hours, to inspect and purchase property in the city centre.”