Manchester Property Market Boost

Transport infrastructure improves connectivity, driving Manchester property market growth and boosting housing demand. Manchester, one of the UK’s most vibrant cities, will see a significant boost in its property sector as large-scale transport improvements progress. The government is investing billions in the northern transport network, including the Transpennine Route Upgrade. This will transform the city’s connectivity and boost the property market.

This article delves into how these transport enhancements will benefit Manchester’s property outlook, provide additional job opportunities, and reveal where the hottest property markets in the city are located.

Transport Investments Fuel Manchester Property Boom

The UK government’s commitment to levelling up the country’s infrastructure has had a substantial impact on the North of England. In the recent Labour Budget, key initiatives aimed at improving transport and boosting economic growth were outlined, with a significant portion of funding earmarked for the development of Northern transport networks. This includes initiatives aimed at enhancing train services and roadways in the Greater Manchester area.

The Transpennine Route Upgrade is one of the most ambitious projects in the region, promising to transform the train journey between Manchester and other northern cities like Leeds, Huddersfield, and York. This upgrade will reduce travel times, introduce more frequent and faster trains, and ensure the network is more sustainable and environmentally friendly.

These infrastructural changes are expected to have a direct and positive effect on the Manchester property market, making the city an even more appealing place to live for those seeking better transport links and enhanced quality of life.

The Transpennine Route Upgrade

The Transpennine Route Upgrade represents a significant investment into the North, with the aim of modernising and improving the railway line that connects Manchester to key northern cities. The upgrade is set to deliver substantial improvements in journey times and efficiency. For instance, travel time between Manchester and Leeds will be reduced from 50 minutes to just 42 minutes, with up to six fast services per hour. Additionally, the journey time between Manchester and York will also be shortened by 10 minutes, making these regional cities even more accessible.

This transformation of train services will not only make Manchester a more attractive proposition for commuters, but it will also encourage more people to live in the city, further driving property demand and boosting local markets.

The railway improvements are part of the government’s wider strategy to support the economic development of the North of England. By improving transport links, the initiative aims to unlock the region’s potential and increase investment in various industries, including property.

Greater Manchester’s Ongoing Transport Developments

Beyond the Transpennine Route Upgrade, significant improvements are already underway in Greater Manchester, further enhancing the city’s connectivity. A key development is the ongoing upgrade of the Manchester Victoria to Stalybridge rail line, which will eventually link Manchester with Huddersfield. This project is also part of the broader Transpennine Route Upgrade and is expected to improve the flow of passengers between these cities.

Moreover, the expansion of the Bee Network, which aims to integrate transport services across Greater Manchester, continues to gain momentum. The Bee Network is part of the city’s long-term vision to provide seamless, interconnected travel across the region. The Metrolink system, already a key feature of Manchester’s public transport landscape, is expanding rapidly, which will further improve travel within the city. By 2040, Greater Manchester hopes to achieve a fully integrated transport network, which will include buses, trams, and trains.

The expansion of public transport will make commuting more convenient for residents. Additionally, it will attract businesses, benefiting the property market.

Positive Impact on Manchester’s Property Market

Manchester’s property market has already experienced positive growth as a result of ongoing transport improvements. Recent house price trends show upgrades impact property values. Areas benefiting from transport improvements see the largest demand increases.

The city’s position as a thriving hub for business, culture, and entertainment has made it one of the most sought-after places to live in the UK. Transport improvements, especially those connected to the city’s transport network, are only enhancing its appeal. A prime example is the ongoing development around Manchester Piccadilly station, one of the city’s main transport terminals. The station is undergoing a major revamp, which will improve both the station’s facilities and the surrounding area. This redevelopment has already sparked a rise in property demand in nearby locations.

Recent figures from Zoopla’s House Price Index indicate that Manchester’s property market is outpacing the national average. The latest data shows Manchester house prices rose by 2.8% year-on-year. In comparison, the national average increased by just 1%. We expect this growth to continue as further transport developments occur.

The Role of the Bee Network

The Bee Network, which is expanding rapidly, is another key factor driving growth in Manchester’s property market. The project aims to create a fully integrated transport system across Greater Manchester. It will connect suburbs, towns, and districts with buses, trams, and trains. The Metrolink expansion offers more travel options for city residents. As part of this network, it also benefits surrounding areas.

The Bee Network will provide efficient, affordable transport options. As a result, people will move to previously less accessible areas. The resulting increase in demand for property in these areas will continue to drive the market forward.

Job Creation Through Transport Improvements

Another significant benefit of the transport upgrades in Manchester property market is the creation of jobs. As part of the Transpennine Route Upgrade alone, thousands of new jobs are being created. Government estimates suggest that around 5,000 people are currently working on the project, with an additional 300 apprenticeships being offered. These jobs span a wide range of sectors, from engineering and construction to transport and project management.

The £250 million A57 upgrade will create jobs. Additionally, it will improve road connectivity between Manchester and Sheffield. This upgrade will reduce journey times, cut noise pollution, and improve air quality. As a result, the region will become more attractive to residents and businesses.

Greater job opportunities, combined with improved transport links, will make Manchester an increasingly desirable location for both professionals and families. The local property market will benefit from steady demand. As a result, people will move for work or lifestyle reasons.

Key Property Hotspots in Greater Manchester

In line with the transport improvements, certain areas of Greater Manchester are experiencing a marked increase in property demand. These property hotspots are seeing above-average price growth, making them attractive locations for property investors.

According to recent data from Land Registry, the following postcodes have seen the largest increases in property prices over the past year:

• M2: Covering Deansgate and parts of the city centre, M2 has seen a huge 22.4% increase in property prices, with the average price now standing at £323,500, up from £264,400 the previous year. This area is benefitting from strong demand, driven by its central location and proximity to transport hubs.
• M32: This postcode, which includes Stretford in Trafford, has witnessed a 16.1% rise in property prices, with an average hike of £42,837. A typical property now costs £308,919, compared to £266,082 just 12 months ago.
• M7: Covering areas such as Higher Broughton and Kersal, M7 has seen an impressive 15.9% rise in property prices, with the average price climbing from £259,767 to £301,057.
• M22: Wythenshawe and Northenden, areas under the M22 postcode, have also experienced notable price increases, with a 12.2% rise. Properties in this area are now priced at £253,030, an increase from £225,572 a year ago.
• M45: Located in Whitefield, a town in the Metropolitan Borough of Bury, property prices in M45 have risen by 10.9%, with average prices now standing at £301,547, compared to £271,868 the previous year.
• M30: The market town of Eccles in Salford has also seen an 8.6% rise in property prices, with the average price increasing from £238,055 to £258,478.

These property hotspots benefit from improved transport links. As upgrades continue, we expect demand to rise further.

Conclusion

Manchester property market stands to gain significantly from the ongoing transport upgrades and improvements in the region. The Transpennine Route Upgrade will improve connectivity between Manchester and major northern cities. Additionally, the Bee Network will expand. These developments will not only enhance travel times but also create thousands of new jobs, making Manchester an even more attractive location to live and invest in.

Property hotspots in the city are seeing price increases. As transport connections improve, we expect demand to rise further. For those looking to take advantage of Manchester’s property market, now is an excellent time to consider making an investment in the city.

As the region grows economically, Manchester’s future looks bright. This benefits both residents and investors alike.