While the past year has been a traumatic one for many people with respect to the economy and their finances, there are signs that things may be on the up. According to the Barclays Prosperity Map, which is in its second edition, the North West of England is a more prosperous place than it was a year ago.
Many people may suggest that it doesn’t feel like this and there is a need to remember that these figures don’t always apply to everyone. However, it can only be hoped that the universal findings for the North West, which are being driven by confidence in the Manchester area, will bring about benefits in the region.
Of course, with one of the factors used in the criteria being the number of millionaires in an area, you can see why many people are hesitant about feeling comfortable or confident about the figures. You may not meet too many millionaires when you are doing your shopping in Stockport, so you would be forgiven for taking these findings with a pinch of salt.
However, there are many other factors involved with the study, including:
- The annual average pay
- The percentage of households that give money to charity
- The rate of growth for business
- Exam results
All of these factors are calculated to create a Prosperity Index Score for every region of the United Kingdom.
It seems as though the North West is benefiting from a rise in average earnings and GDP per capita. The rise in average earnings in this part of the country amounted to 3%, with the figure standing at £25,104. This part of the UK has also seen a major fall in unemployment figures, with these numbers falling by 1.8%
SME businesses are blooming in the North West
The Greater Manchester area has seen a strong increase in the level of Small to Medium Enterprise (SME) turnover in the past year. This has grown by 15% and Manchester has experienced the third highest growth in the country, only behind London and Scotland.
Anecdotal evidence suggests that entrepreneurship is strong in the area and this is likely to impact on the region. It may be that many small to medium enterprises take off because people have lost jobs or feel that this is the best time to make a change but regardless of why people develop their career or business, it is good to see that growth is happening.
These figures may not make much of a different to the everyday life of many people in Stockport, but it has to be seen as a positive thing for the region. This sort of news draws attention to areas and could convince people that the property market is worth investing in. We aim to provide you with all of the relevant Stockport property market and we’ll keep you up to date with what is happening in the Greater Manchester area.
For all your property needs, please contact Spencer Harvey Estate and Letting Agents on:
0161 480 8888
https://www.spencerharvey.co.uk