Brexit has caused a great deal of uncertainty and unrest in all areas of the UK economy. As negotiations drag on and no-deal Brexiteer Boris Johnson becomes Prime Minister, it’s easy to assume this means more bad news for property investors. However this isn’t necessarily the case, especially for investors in northern cities as Brexit is becoming a Northern property investment opportunity.
Leeds is to Benefit The Most From Brexit
Leeds is in a particularly favourable position to benefit from Brexit. JLL’s Find the Gap report, which forecasts the UK’s residential market, tips Leeds as the best investment location as the country prepares to leave the EU.
Leeds’ low residential property values and the lack of new development in the city centre is expected to have a positive impact on property prices. JLL predict property values will increase by an average of 3.3 percent a year until 2023. In addition, rental prices are forecast to increase by an average of 3.2 percent per year over the same period.
But it’s not just Leeds. Property prices all over the north are predicted to increase following the transition period after the country leaves the EU. With the October 31st deadline mere months away, now is a great time to invest in the north.
PM’s Plans for £3.6 Billion Investment
New Prime Minister Boris Johnson has also pledged northern investment that will increase property demand in the region. In one of his first speeches after becoming leader, the Prime Minister unveiled plans for £3.6 billion investment in northern towns and cities. This major scheme will improve housing, services and infrastructure in the north. This is so that, according to Mr Johnson, the UK becomes “the best country to live in the world”.
The PM explained that this investment would improve public services, create enough affordable homes, safe streets, fast broadband. As well as give more responsibility and accountability to local areas.
Another of Boris Johnson’s promises is to improve rail connectivity between the northern cities. Mr Johnson has reiterated his pledge to go ahead with the Northern Powerhouse rail. Boris Johnson says the return on investment for the country would be “colossal”.
He stated that the Leeds-Manchester line was “just the beginning of our investment”. Before going on to add, “yes, we want to go ahead with the Northern Powerhouse rail.”
“I think the return on investment for this country would be colossal and if you want to drive the economy and if you want to create for business the platform that gives them the certainty to invest then you need fantastic public infrastructure.”
With such major plans and investment in northern cities, it is likely that demand for residential property will grow. With increased demand comes increased rental prices and yield, making Brexit a huge Northern property investment opportunity, but in order to benefit from this investors need to act now.
To take advantage of this once-in-a-lifetime opportunity, contact North Property Group today.