Recently there have been a large number of plans for new developments in Northern regions such as Manchester, which has contributed to the growth of the construction sector despite the vote to leave the EU. This opinion was echoed by one of Manchester’s largest property lenders, as planning permission was granted for six new blocks of flats and other such projects are expected to follow.
Banks including Natwest and the Royal Bank of Scotland have already been backing a number of new build residential construction projects in Manchester, and have announced their intention to allocate further funding for more projects. They have declared that the property market in Manchester and the North of England is still strong and stable despite the uncertainty and volatility following the fallout of the referendum vote on June 23rd. RBS are also progressing with funding for a significant number of building proposals that are now obtaining planning permission.
The new projects that have been recently approved by Salford Council in the last week include the construction of a 35 and 17 story towers (Trinity Riverside Holdings) and an additional tower standing 68 stories high at Owen Street (Renaker). Smaller projects that have been accepted by the council include the transformation of Salisbury House (24,000 square feet), which is now destined to become 90 apartments following half a decade of dereliction.
Natwest is also supporting the conversion of Salford Dock office into 67 new flats, being developed by Henley Liveman Properties, and additionally the £55 million plan for 155 flats and homes near to Cheadle Village by Henley Homes.
London Belgravia Surveyors are also personally involved in this region providing independent surveying services and Professional Consultants Certificates (PCCs) to the Adelphi Wharf project headed by Beaumont Morgan. This development of over 550 units is a key part of the Salford regeneration project and signals the strength of the Northern development climate, particularly in major cities and surrounding areas.
Although many are acknowledging that a decline in consumer confidence will have a negative impact in the demand for mortgages, the growth in the North’s residential property market will remain strong as there continues to be a serious shortage of houses