House building, or the definite lack of it, has seen a lot of coverage in the news over recent years. The consensus is pretty clear, more houses need to be built and quickly. The nation’s house prices are currently rocketing way beyond average budgets; in April it was estimated that prices rose by £100 every day. Ultimately, these days many are stuck in rented accommodation with little possibility of ever being able to afford all the fees and giant mortgage payments needed to own their own home.
Currently, the UK is seeing a six year low for the number of homes on the property market. This figure could be partly credited to the general election and the uncertainty it brought to the future of the housing market, although there are now new signs of life in terms of house building. This growth however appears to be highly regionalised, with certain areas like the North West only predicted to see 5% growth (not even coming close to its housing targets), whereas the South East and Eastern regions will see massive 47% and 70% increases respectively.
Ultimately, more houses are needed throughout the nation, not just in the London suburbs. It is actually city centres which are often the least accessible, with their extremely high population densities and extraordinarily high asking prices. Cities like Manchester, Liverpool and Sheffield are all in desperate need of new, affordable apartments and houses.
Manchester, for example, has been in the news a lot recently. George Osborne’s devolution plans have created a flurry of activity in the city including:
- Offices- in 2014, £992m was invested, significantly up on 2013’s £413m.
- Hotels- Manchester’s hotels are seeing occupation above the national average in occupation and room yields.
In total the city saw a 10% increase in construction schemes from 2013-14. However, this is not reflected in the small increase of house building going on in the capital of the north.
Fortunately, there are some housing developers noting the high demand in the North West and creating supply suitable at the highest of standards. X1 and Knight Knox International in particular are behind a number of successful developments surrounding the cities of the North. With six completed developments and 11 in construction in both Liverpool and Manchester, they have provided the region with over 1,600 studios and apartments.
One of their most exciting developments is X1 Eastbank, a new build directly addressing Manchester city centre’s lack of suitable accommodation. The property is based in New Islington, one of the city’s most up-and-coming suburbs and is within walking distance of the city centre and all that the city has to offer.
Most importantly, X1 Eastbank isn’t a soulless block of flats. Its sleek, sophisticated glass design matches the modern aesthetic of the surrounding area’s new builds, wonderfully contrasting with the traditional red brick structures also housed in the suburb. Not just a pretty face, inside the development, residents will enjoy a private gym, car parking and bicycle storage. Additionally, certain apartments offer balconies for beautiful views over the city centre.
X1 Eastbank may be one in a small number to meet demand for accommodation in the North West, but it is unique in offering exactly what the modern tenant wants.
Looking to invest in X1 Eastbank? Enquire today >>
Article Courtesy of Rachel Sharman, Knight Knox International