It’s been 4 years since the concept of the Northern Powerhouse first originated, and many are wondering what has happened so far, and what can we expect to see next?
The Northern Powerhouse was the idea from then-Chancellor George Osborne whose aim was to boost economic growth in the North of England through better transport links and infrastructure to link all the ‘Core Cities’ (Leeds, Manchester, Liverpool, Birmingham, etc). So, the question is, has this been successful so far?
Many regional cities in the North such as Manchester, Birmingham and Liverpool have seen exponential growth and Manchester even being named as one of Europe’s fastest-growing cities by Deloitte and house prices across these regional cities increasing.
In January 2016, a new Southern Entrance to Leeds station opened, which allowed commuters travelling south to reduce their journey times from the station which was an initial project from the Northern Powerhouse. Information in the UK Powerhouse Report showed that Leeds’s economy had grown by 8% since George Osborne launched the initiative at the end of June 2014.
Leeds isn’t the only city to see a change to their infrastructure, Manchester has too with the Ordsall Chord which links Manchester Piccadilly and Manchester Victoria train stations together becoming operational in December 2017.
Manchester, amongst others, has had some of the quickest rising house prices in the UK as well as becoming globally recognised thanks to MediaCity. But what else can Manchester expect from The Northern Powerhouse scheme?
There are now plans for the new HS2 line and Northern Powerhouse Rail to be fully integrated into the existing Piccadilly station in Manchester, with the council planning to create an innovative “Piccadilly Central” district that will transform the surrounding area. These plans involve moving the existing tram stop at the station to sit underneath the new HS2 platforms, while running alongside mainline train services, creating a “world-class transport hub” which will transform the station, similarly to the changes seen in London’s King’s Cross area.
One of the main focuses of The Northern Powerhouse was to see the core cities more connected to one another, but there are also major plans for connecting these cities to the other parts of the world. Newcastle Airport has now signed up to be a partner of the Northern Powerhouse, as well as Manchester’s Airport City set to be a huge gateway to Asia.
It may be a slow process, but the Northern Powerhouse has already provided many amazing things for our regional cities, we look forward to seeing what else is to come. If you would like more information about investing in the booming property market that Manchester has to offer, please contact us for more information.