Property leaders in Manchester have called for the promises behind the Conservative government's Northern Powerhouse initiative to be pushed up the national agenda, stating a need for 'certainty' to be prioritised ahead of funding.
The comments were made during Deloitte Real Estate's Talking Property panel discussion held in our Manchester office, which focused on the outcomes of the General Election for the northern economies.
Following the announcement that the ten-year HS2 project had achieved a 2017 start date, Deloitte Real Estate's regional head Michele Steel, who chaired the panel, commented that:"The greatest change we could see David Cameron make would be a heightened commitment to northern infrastructure – if he were to wave a magic wand and impact a transformative change for the northern economies, it would be to prioritise HS3, or "One North" in-line with, if not ahead of, HS2."
The panel, which included MediaCityUK financial director Lewis McIntyre, Homes and Communities Agency (HCA) head Marie Hodgson, Glenbrook director Guy Butler and Deloitte's North Public Sector Lead, Cathy Wignall, was in agreement that the continuation of funding to the North West's key sectors and infrastructure projects were vital to its ongoing development, though Wignall noted that in order to realise these changes "We need more than just funding, we need certainty and autonomy, and this is what devolution will provide."
There was shared optimism for the opportunities provided by Manchester's newly devolved powers, as the conversation opened with a discussion of whether devolved powers could be the biggest difference to residential development in the area. With Manchester taking control over a £300m financial pot, and already talking budgets for new housing initiatives, the panellists suggested that Manchester's role was to now help orientate the North West market, rather than adapt to a national framework.
The panel noted that the new funding and powers would enable housing developers to invest in a number of sectors, with the private rented sector, modular construction, self-build and starter homes all set to benefit.
In an insight into which areas of regional business were best placed to further propel the North West both nationally and globally, Cathy Wignall outlined the importance of key growth sectors following the General Election.
Following a discussion of existing and forthcoming investment in infrastructure for key sectors, including advanced materials, TMT, manufacturing and health sciences, Wignall stated that "It is not just up to the government to enhance our key sectors – it is for the northern economies to choose the sectors that will be their game-changers. We need to decide what we want to be the best at and become world leaders in our chosen industries."
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