Jan Crosby comments on how the announcement on increased infrastructure spending in the North of England could affect the property market.
Jan Crosby, head of housing at KPMG, comments on how today’s Budget announcement on increased infrastructure spending in the North of England could affect the property market:
“Today’s announcement that hundreds of millions are due to be pumped into infrastructure in the North of England will be welcome news to international property investors, for whom committed connectivity across the region and with the wider UK is a significant tick on their wish list.
“While property investors from the likes of Asia and the Middle East have been interested in the Government’s narrative around the Northern Powerhouse, they have been waiting for the words to be backed with action and financial commitment to improve the region’s infrastructure before making large scale investments.
“The issue for these investors has been end user demand for property across the North – the scale of appetite simply isn’t as high for housing or for commercial property as they are used to in London or the South, because the ecosystem of infrastructure hasn’t been there to create an environment which attracts the end user in significant numbers. However, with HS3, improved road links and a trans-Pennine tunnel all garnering the Chancellor’s support, occupier demand for homes and business in the surrounding areas will rise, which we can expect to attract international property investors looking to place their money outside of the capital’s heated market.”
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For further information please contact:
KPMG Press office
T: +44 (0) 207 694 8773
Frances Shennan, KPMG Corporate Communications
M: 07584 202794
KPMG LLP, a UK limited liability partnership, operates from 22 offices across the UK with approximately 12,000 partners and staff. The UK firm recorded a revenue of £1.96 billion in the year ended September 2015. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. It operates in 155 countries and has 174,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. Each KPMG firm is a legally distinct and separate entity and describes itself as such.