Railway Upgrades: Strengthening the Northern Property Market
A new project aimed at improving Manchester’s connectivity and railway is under discussion. The initiative will also boost the economy, strengthening the property market.
The Manchester Recovery Task Force Public Consultation has gathered The Department for Transport, Transport for the North, Network Rail and Northern and TransPennine Express. The consultation will look at enhancing the performance of the rail network around the city.
Ultimately, the congested rail network in the city has a domino effect on other northern locations. Therefore, the delays in services cause a ripple affect across the region. The short-term goal will include reducing delays and increasing the reliability of services. In the long-term, the changes will be sustainable and also boost the economy. Consequently, allowing more services to be introduced with ease in the future. Once the public reviews the proposals and selects the most suited options, the project will be introduced in May 2022.
Andy Burnham, Mayor of Greater Manchester, and board member of Transport for the North, welcomes the Government’s focus on the topic.
“The bottleneck in central Manchester is a problem for the whole of the North. Solving these congestion issues will improve the reliability of rail services for passengers right across the North. As we look to build back better from the pandemic, we want to work with the Government. So we can deliver a reliable and dependable timetable, alongside the much-needed upgrades to our Victorian infrastructure.”
Upgrading Connectivity Boosts Property Market Growth
Currently, the rail industry is taking full advantage of the national lockdown. With people forced to stay at home, the sector can plan upgrades for when passengers return in greater numbers, post pandemic.
With a solid investment strategy implemented, the North could benefit from an annual £97bn increase in GVA. Providing an additional 850,000 jobs by 2050, according to the Strategic Transport Plan and the Northern Powerhouse independent Economic Review.
The investments and upgrades will benefit a number of communities in the North. The change will encourage future regeneration projects and access to a wider range of employment opportunities across the North. An improved rail service, provides better connectivity to major cities. This enhances the quality of life and plays a vital role toward economic growth.
Improvements in infrastructure will attract more businesses and skilled professionals to the city. It benefits the economic prosperity and property prices, therefore an ideal investment opportunity. Consequently, the revitalisation will boost the livability in the North, solidifying the region as a prime investment location.
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