There have been four budgets in the past 12 months and everyone has left people wondering what impact it has on them. There wasn’t too much of a focus on life in the north of England in the budget but at Harvey Scott, we have picked out some of the more relevant aspects.
While details about the £300m expenditure on new transport links, including government backing of the HS3 rail link between Manchester and Leeds, have inevitably been met with a “too little, too late” response from many in Manchester, the Budget has raised a number of issues that may impact on the Manchester property market.
Any improvement in transport infrastructure has to be seen as a positive thing and while accusations of “too little, too late” ring true, there is also the fact that any improvement is better than no improvement. The notion of the “Northern powerhouse” may be something that the government rolls out from time to time to give the impression it is not solely fixated on the South, but it is an area that deserves some focus too.
There is also an argument that the changes to stamp duty with respect to buy to let investors may impact on who buys properties, but areas like south Manchester could see an increase in property purchases from investors.
Savvy investors recognise the benefits of the north of England
This is because while the increased level of stamp duty may prohibit purchases in London and the south of England, property prices in Manchester are lower, which means that the stamp duty due to be paid will be lower. Savvy investors have recognised that areas like Stockport and the south of Manchester area have provided good rental yields and these changes may bring the area to prominence with respect a wider range of investors.
At Spencer Harvey estate agents, we are local experts when it comes to Manchester and even though many of these changes bring new challenges to the area, out local knowledge and experience places us in a prime position to evaluate what is likely to happen in the area. If you are looking for advice and guidance about this part of Manchester, we are more than happy to meet you.
If you currently own property in the area and you are wondering whether these changes will provide you with a benefit of selling, we are more than happy to meet with you and discuss your options. The benefit of selling is only found in being able to buy at an attractive rate or in an affordable area, but there is no doubt that some property owners will be enticed by the impact of these changes.
If you currently let property in the area, it is understandable that you will want to remain ahead of the game. If there is to be an influx of new investors into the area, you should be looking for ways to position yourself as a local expert who can provide a tailored level of service.
If you are new to the Stockport or Greater Manchester area and want to find out more about what the area has to offer, we are more than happy to provide you with local knowledge, information, insight and colour. The growing rental yields on offer in this part of England provide better returns than many investment opportunities in the south of England, and we are pleased to work with any investor who is looking to invest in this part of the country.
https://www.spencerharvey.co.uk