- Greater Manchester's transformation has seen a surge in the desirability of living in the region, with people flocking to its cities.
- Stockport, Salford, Tameside, Wigan, Rochdale, and Oldham will have access to £400 million in community regeneration project funds over the next two years in addition to 18 other councils in the country.
- Included in the 2023 Spring Budget are several measures aimed at regenerating and redeveloping the area. The budget included £400 million to improve local transport networks, including bus and tram services.
Greater Manchester is a region with a rich history, culture, and industry that has undergone significant transformation in recent years. This transformation has seen a surge in the desirability of living in the region, with people flocking to its cities for work, education, and lifestyle.
The area has strived in recent years following its suffering from significant drops in population in the 1990s. It has since recovered and become one of the most popular areas to live in the UK.
The 2023 Spring Budget has announced several initiatives and investments that will only further enhance Greater Manchester’s appeal. Chancellor Jeremy Hunt included budget measures that ensured the levelling up of cash boosts for six of Greater Manchester’s 10 boroughs.
Stockport, Salford, Tameside, Wigan, Rochdale, and Oldham will have access to £400 million in community regeneration project funds over the next two years in addition to 18 other councils in the country.
Jeremy Hunt told the Commons: “I will invest over £200m in high-quality local regeneration projects across England including the regeneration of Tipton town centre and the Marsden New Mills Redevelopment Scheme. I am also announcing a further £161m for regeneration projects in Mayoral Combined Authorities and the Greater London Authority.
“And I will make over £400m available for new Levelling Up Partnerships in areas that include Redcar and Cleveland, Blackburn, Oldham, Rochdale, Mansfield, South Tyneside, and Bassetlaw.”
There are many reasons that factor into the region’s increasing desirability for residents, with the main ones listed and explained below.
One of the most significant drivers of the region’s increasing desirability is its thriving economy. Manchester, the region’s largest city, has a gross value added (GVA) of £62.8 billion, making it the largest regional economy outside of London. The city is home to some of the UK’s most prominent companies, including the Co-op Group, AO.com, and JD Sports. It is also a global leader in the creative industries, with a vibrant music and arts scene that attracts visitors from around the world.
The Spring Budget 2023 has recognized the importance of Greater Manchester’s economy, with Chancellor Jeremy Hunt announcing several measures to boost it further. One of the most significant investments is £500 million for the Northern Powerhouse Rail project, which will improve transport links between Manchester and other northern cities. The budget also included £22 million for the regeneration of Salford’s Chapel Street area and £14 million for the Manchester Institute of Health and Performance.
Another factor driving the region’s desirability is its excellent quality of life. Greater Manchester has a rich cultural heritage, with numerous museums, art galleries, and historical sites. Opening soon in East Manchester is the Co-op Live Arena, which will have a capacity of 26,000, making it the UK’s largest event arena.
It is also home to two of the UK’s most successful football teams, Manchester United and Manchester City, with both football teams set to have multi-million stadium expansions in the coming years to further modernise them and allow them to accommodate a higher capacity.
The region’s universities are also among the best in the country, attracting students from all over the world.
Included in the 2023 Spring Budget are several measures aimed at regenerating and redeveloping the area. The budget included £400 million to improve local transport networks, including bus and tram services.
The investment will significantly improve connectivity within the region, making it easier for people to travel to work, education, and leisure activities. The budget also included £10 million for the creation of green spaces, cycle lanes, and pedestrianised zones, which will improve the quality of life for residents and visitors alike.
One of the most significant challenges facing Greater Manchester is the housing crisis. The region’s population is growing rapidly, but there is a severe shortage of affordable housing.
The budget included £7.1 billion for the Affordable Homes Programme, which aims to build 180,000 affordable homes by 2026. The investment will significantly improve the availability of affordable housing in Greater Manchester, making it easier for people to find suitable accommodation.
In conclusion, Greater Manchester’s increasing desirability is due to a combination of factors, including its thriving economy, excellent quality of life, and world-class amenities. The Spring Budget 2023 has almost prioritised the region’s growth, with several measures aimed at boosting its economy, improving the quality of life, and addressing the housing crisis. With its vibrant urban landscape, world-class amenities, and excellent transport links, Greater Manchester is undoubtedly a great place to live, work, and visit.
To learn about the property investment opportunities above, or to find out more about how property investment works, get in touch with the experts at North Property Group today.
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