Why are Businesses Moving North?

Reasons Why Businesses are Moving North

Both homebuyers and businesses are moving North due to its growing desirability and the rising cost of living in London. Especially as the North-South divide widens due to the current rate of house price growth, the North has never been more attractive to buyers and business owners.

Following Manchester’s thriving hub of business giants, many Northern cities are following suit. If not already complete, many cities have high-quality office spaces or entire business hubs under construction with the aim to attract and grow their innovative business sectors like Manchester. With businesses moving North for this, such cities will see their population and economy thrive. Where, then, are the best places which are doing just that?

Liverpool

Liverpool is already known as the best place to live and work in the UK. A £5.5 billion project is currently reviving unused dockland into a residential district and business hub along two million square metres of Liverpool Waterfront. This is one of the largest regeneration schemes in the country. However, it is not the city’s first or only project to entice businesses to move North to Liverpool.

The Knowledge Quarter is a 450-acre urban district with the aim to attract many specialists and the biggest names in science, science, health, technology, culture, and education. The Goodison Park Legacy Project, too, will appeal to businesses and greatly increase Liverpool property prices.

Many professionals are due to relocate to the city for its growing range of industries. For this reason, investing in Liverpool has become paramount for buyers to fulfil the demand for high-quality accommodation.

Hull

Hull is certainly a city looking to the future. It is already leading the green revolution, investing in the environment and renewable technology to aid the 2030 Carbon Neutral Strategy. Siemens Gamesa, Europe’s largest wind turbine factory, is certainly a main contributor. It recently underwent an expansion, measuring seven football fields, in May 2023, which created more jobs on top of the factory’s existing high-skilled workforce of 1000. Siemens Gamesa is a catalyst for growth in the entire region, not just Hull. As such a pinnacle city for sustainable technology, many businesses are moving North to benefit from the sector’s booming and growing economy.

Regeneration in Hull is greatly improving the public realm and business sector within the city. The likes of Albion Square and the Fruit Market are enhancing Hull and are attracting several start-ups and independent businesses to the area. This is boosting employment and draws in working professionals from further afield, consequently making Hull great for property investment.

Bradford

Bradford was named the ‘Best City in the UK for Investors’ back in 2022 out of 34 cities. By seeing a 13.8% increase in its population in just a decade, Bradford has been recognised as having one of the fastest-growing populations in the UK. For this reason, it is also an up-and-coming city for significant economic growth. Major businesses like Morrisons, the University of Bradford, and Yorkshire Water are the city’s biggest employers. More industry giants will likely join them, attracted by Bradford’s growing business hub.

Regeneration in Bradford is cementing this. A ripple effect of migrating workers will follow the completion of One City Park, a £35 million Grade-A office space in the city centre. Bradford is already the best city for first-time buyers, due to its affordability and large young population. Projects like One City Park and City Village will build on this population. Young professionals will be encouraged to relocate with businesses to this growing, thriving area.