Boris Johnson has declared he will invest in a new high-speed rail line between Manchester and Leeds, with investment set to “turbo-charge the economy” of local communities. How will this growth impact Manchester’s property market?
- New UK Prime Minister, Boris Johnson, has pledged to fund a new high-speed rail line connecting Manchester with Leeds
- Mr Johnson claims that the route, part of a wider commitment to new transport infrastructure across northern England, will have “colossal” economic benefits for local cities and communities
- It’s hoped better connectivity will “unlock jobs and boost growth” in cities such as Manchester – and this should be good news for property investors
He’s been the prime minister for just a few days, but already Manchester is at the top of Boris Johnson’s agenda.
Visiting the city on Saturday (27th July), Mr Johnson announced his backing to fund a new high-speed rail line between Manchester and Leeds, which would reduce travel times from 50 minutes to less than 30. He declared the new trans-Pennine link will “turbo-charge the economy” of these cities and claimed the benefits will be “colossal”.
Full details of the new route will be published in the autumn. And, should his pledge be actioned, it could be another boost to property investors in Manchester.
The Manchester to Leeds route would form the second segment of the proposed £56 billion High-Speed 2 (HS2) rail line, which will connect London to the midlands and northern England with trains capable of travelling at 250mph. HS2 is set to be completed in 2026, with the Manchester to Leeds section ready by 2033.
HS2 alone is forecast to directly increase Manchester’s economic output by £834 million. Mr Johnson said that the addition of this second connection to Leeds would further “unlock jobs and growth” in the region.
With population growth already fast surpassing current and proposed new property levels, this economic development would place even greater strain on Manchester’s property market.
More businesses moving to the city would increase the number of workers further, in a city where just 4,000 new purpose-built rental homes are forecast to be built by 2022.