Chancellor Hunt also revealed the government would deliver 12 “investment zones” across the UK – with the intention of creating new “potential Canary Wharfs.”
Regions like the West Midlands, Greater Manchester, and Liverpool were highlighted as potential candidates. The Chancellor stated that successful applicants must be able to identify a specific location where a partnership between local government and local universities/research institutes could provide valuable innovation.
Successful candidates will receive £80m in funding each over the next 5 years, further encouraging investment in these critical areas and strengthening their local economies. If all goes well, this could encourage many investors and homeowners to go beyond London property investment for their next purchase.
Additionally, the Chancellor promised to put further investment towards UK regeneration schemes.
From this year, the government will provide over £200m in funding to 16 high-quality local regeneration projects across the UK.
The report added the “left-behind places” cited in the government’s Leveling Up campaign and projects with costs under £10m would be specifically targeted to ensure a fast turnaround.
Again, this is excellent news for the property market.
Regeneration is a magnet for future growth and demand: resulting in amenities that improve the local area, which attracts new residents and boosts property prices even further.