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3 ways the North West is outperforming London – words Al Woods
For a long time, London and the South, in general, have been considered better than the North when it comes to business, investments and the overall economy.
In recent years, however, the North West of the UK has grown massively, with cities like Liverpool, Manchester and Leeds all seeing a big economic boost, causing a shift in the North and South divide. Here are just three of the ways that the North West is outperforming London.
The property market in the North West is thriving, with the region’s key cities offering some of the best prospects for property investors. Liverpool, for instance, is highly affordable with an average property price of around £130,677 whilst London’s average is much higher at £484,173. Whilst property prices are cheap in Liverpool, rental costs are rising with a recent growth of 2.65%. This has resulted in some of the UK’s most impressive rental yields, with certain Liverpool postcodes boasting yields as high as 11.79% and an overall average yield of 5.05%. Manchester is also a key city for property investment, with average yields of 5.55% and high demand for quality student and residential property. When you compare the type of property you can buy in the North compared to in London, the difference is staggering. For example, a £500,000 flat in London costs the same as a six-bedroom house in Liverpool. RW Invest is a property investment company that offers some fantastic options for property investors in Liverpool and Manchester, with yields reaching as high as 9%.
The Northern Powerhouse initiative has meant that a lot of cities in the North have developed big plans for regeneration. In Liverpool, the historic waterfront in the city centre will be transformed into Liverpool Waters, a £5.5 billion development which plans to create new neighbourhoods, 315,000 square meters of space for businesses and multiple new leisure attractions. Another impressive project is St Johns in Manchester, which will introduce a new neighbourhood to the city centre and create new homes, workplaces, and attractions to bring new interest to the city.
When it comes to business, the North West is quickly moving up the ranks as a great city for start-ups. Manchester, in particular, was recently chosen over London as the best location for tech start-ups, with 57% of tech workers believing that the Northern city offers them a better work/life balance compared to London. Liverpool has also seen a promising business boost, having made it into the national top 25 league table for start-ups, as well as being home to some dynamic co-working spaces like Launch 22 and Avenue HQ. Another thriving city is Leeds, which has been attracting attention and talent from those in the tech industry. As well as this, industry experts are claiming that collaborations are much more easy in Leeds than in London due to its more compact size.