It is highly likely that a series of schemes to provide road and rail links in the North of England will commence later this year. This is due to the desire to provide support for the growth of the economy in the region. It is top priority.
The UK government has received an open letter from TfN (Transport for the North) requesting a rapid investment in transportation for the region. This funding will assist in the rebuilding of the North of England after the coronavirus pandemic and will form part of the “Economic Recovery Plan”.
In the letter from TfN to Grant Shapps, the Transport Secretary, 13 schemes were outlined as part of the NIP (Northern Infrastructure Pipeline). These include improvements to road and rail networks seen as essential after COVID-19.
TfN chief executive, Barry White, stated that the coronavirus pandemic has had a profound impact on the people of the region as well as businesses and the economy. He went on to say that there needs to be investment in transportation right now and this needs to continue into the future.
Fast Track Funding Critical
The main aim of the letter is to drive home the need for fast track funding in the North of England so that TfN can get started with their transportation plans quickly. TfN have received 150 projects from across the region for their consideration and these will be considered at a board meeting on 29 July 2020.
TfN also said that they had identified some early investment scenarios that could be advanced rapidly including rail and road improvements. Other initiatives included sustained investment for active travel, high speed broadband connectivity and smart rail ticketing.
Investment in Transport required for Coronavirus recovery
People that live and work in the North of England now have more autonomy and power thanks to the government’s Northern Powerhouse initiative. Out of this initiative, TfN emerged as the transport body for the region.
With decision making now devolved to a regional level this should accelerate investment, make the region more competitive and assist in the stimulation of the regional economy. This is why TfN believe that investing in transport now is so important.
Boost for the Housing Market
There are definite signs that the UK housing market is recovering right now. The north has outperformed the south for some time now in the housing sector. If the investment in transportation goes ahead as planned then this is sure to provide the housing market in the region with a further boost.
It is natural for buyers to look for good transportation links when they are considering the purchase of a home. The same is true for tenants that are looking for good accommodation in the private rental sector.
So the investment plans of TfN are likely to provide a number of opportunities for property investors in the near future. We will keep our eye on things for you here at Creative Property and add new posts when we know more about the transportation investment in the North of England.
For a while now we have been telling you that opportunities are not always on your doorstep. There are several examples of areas in the North of England which regularly provide high income yields for buy to let for example. Sometimes you just need to “get on your bike” to find the best opportunities in property investment.