HS2 and the Manchester 2040 Transport Strategy
We have already covered the ways in which the high speed HS2 rail plans will impact the towns, cities and regions along its route. If you missed this article, you can read it here. But how do the HS2 plans relate to the ambitious Manchester 2040 Transport Strategy?
The plans for HS2 link into the long term plans for the Manchester 2040 Transport Strategy, which seeks to further optimise the city for public transport. The HS2 is set to run from two stations in Manchester: Manchester Piccadilly in the city centre, and Manchester Airport. Journey times to London will be just an hour.
As well as the obvious benefits to commuters, and northern residents in general, another priority of the 2040 Transport Strategy will be the improvements to freight transport. This is an aspect that is seen as absolutely key to economic growth, providing sustainable commercial capabilities across the region.
2040 Transport Strategy Aims To Create Idyllic Manchester
At the heart of the Manchester 2040 Transport Strategy is a move to a cleaner, greener city. Less traffic congestion, and more cycling and walking paths, for example, will reduce air pollution. Leisure and rental facilities, public parks and green spaces, and a thriving, increasingly mobile workforce, are all promised by the work going into Manchester.
Particular industries are being beckoned to the city: financial and professional services, academic research, scientific innovation, and creative and technological industries, are all being targeted as key areas of the global economy expected to generate the highest levels of economic growth.
What’s more, the city seeks to devolve powers from central government. Powers to legislate and fund the city’s transport, its housing, and its regeneration plans, are being brought under the domain of the Greater Manchester authorities. Power to the Powerhouse, as it were.
It feels like the Manchester 2040 Transport Strategy, of which HS2 (and HS3 for that matter) are a part, are being seen as central to the creation of a near-Utopian Manchester.
What Will the Manchester 2040 Transport Strategy Do For Property Prices?
Where HS2 is accompanied by regeneration plans, as well as the wider approach to community transport offered by the Manchester 2040 Transport Strategy, history demonstrates favourable results for property.
Though homeowners may be understandably concerned about the impact on property prices, examples from recent years demonstrate positive reactions. In fact, experience shows us that towns and cities along the route will outperform the rest of the UK.
One of these examples is the case of both Ebbsfleet and Ashford, two towns which have been served by high-speed rail networks since 2007. Striking figures show both towns to have demonstrated better resilience, and quicker recovery, from the recession than the UK average.
As well as demonstrating the positive effects of new stations and high-speed rail networks, and the urban regeneration which comes with them, the figures also demonstrate the positive effect that reduced journey times have on property prices. The high-speed rail network serving the towns has cut the Ebbsfleet-London commute to 19 minutes, and Ashford-London to 38 minutes.
Basically, sustained analysis of property prices correlated against high-speed rail networks highlights a trend towards increased region and town desirability in those areas served by high-speed rail.
By placing integrated transport hand-in-hand with urban regeneration plans and pumped-up industry, property markets can expect to flourish throughout the Northern Powerhouse, as well as the Midlands, and all areas right along the HS2’s route.
With increased productivity (expected to generate gains of £8bn by 2037), and reduced journey times as a result of the Manchester 2040 Transport Strategy will allow people both higher wages and more time to spend on leisure activities. Of course, this will also pump more money into the local economy.
To conclude, all of these many factors point to serious opportunity for property investors, particularly in areas in or close to Manchester. As we at The House Crowd already know, the region is absolutely ripe for the picking, and will only become all the more desirable in coming years.