There is always a call for Government and local council to do more to boost the economy and it seems as though there may be assistance coming for people and businesses in Greater Manchester. This is because there will be a drop in business rates across Greater Manchester, apart from in Manchester itself, from April of 2017. It is hoped that these tax cuts will go some way to strengthening the economy and providing a boost for local businesses. There is hope that the tax cut in Stockport will help local businesses to achieve more and drive forward in their output and work.
This is because the area is in line for the biggest fall in business rates with the drop in Stockport tipped to be 2.54%. This is going to be a big benefit and boost for the local economy, particularly in relation to the average movement across the city of Manchester, where businesses are expected to see a rise of 4.36%.
While it is important to know that not all businesses will experience the same movement, this isn’t a uniform change across all businesses, the businesses that experience a fall in business rates should find themselves well positioned for 2017 and beyond. The evaluation of the business rates is the first examination since 2010, and many industry experts have said that the change has been a long time coming.
Stockport can benefit from this change
It would be wrong to say that the change in Stockport will have an immediate impact on the property market, or any noticeable impact, but it is something that should be good for local business. One of the biggest drivers in the property market is the employment sector so when businesses are doing well, it is likely that the property market sees a knock-on impact.
There is already a great deal going on in Stockport, so anything which keeps the momentum and positivity going has to be seen as a very good thing. There is a need for more property in Stockport, which is the case all across the country, but when you have a range of positive things taking place, it is a lot easier to be comfortable and confident about the overall direction of the local area.
At Spencer Harvey, we like to champion the local area and anything that boosts the economy has to be seen as something worth celebrating. We hope that many local businesses are able to prosper thanks to these changes and if there is any impact on the local property market, we will be the first to let you know.
With Stockport on the up, it can be the ideal time to buy or sell, depending on your circumstances and needs. Whatever you are looking for in the Stockport property market, contact us and we will be pleased to help you out.