Which towns and cities will benefit most from the government’s Northern Powerhouse plan that aims to redress the north-south economic imbalance?
The Northern Powerhouse concept will be fulfilled by devolving powers to the cities themselves as well as increasing investment in transport across the region.
A lot has been made of Manchester’s role to play in the powerhouse as the city prepares to elect a Mayor of Greater Manchester who is set to be given a range of new powers to make a difference.
But here we look at whether it is good news for property investors in Bradford.
When pressed about Bradford by local MP Naz Shah in 2015, Prime Minister David Cameron said that he wanted the Yorkshire city to be a major part of the Northern Powerhouse.
It would appear that Bradford is considered to be a big part of the expected improvements to the transport system. By 2019, upgrades to the Northern Rail network will see an extra 2000 train services each week.
These will include direct journeys from Bradford to Sheffield, Manchester, Liverpool, Hull and Nottingham. It also seems that Bradford will play a major role as a part of the planned high speed rail service, HS3, which has been renamed Northern Powerhouse Rail.
There is also a £1.5bn regeneration scheme for the city including a makeover of the city centre and a range of large-scale plans to add luxury housing developments across Bradford.
House prices in Bradford
According to the statistics on Rightmove, property prices in Bradford have risen by over 6% in the past 12 months. However, there is still some way to go before property prices hit the levels they were at before 2007 when homes in Bradford were valued at about 8% higher than they are today.
With the additional developments from the Northern Powerhouse, Bradford looks set to enjoy a prolonged period of growth so now could be the ideal time to invest.
Article provided by Sara Bryant, working with Bradford letting agent Prime Centrum, which was consulted over the content.