Member Article

Chester property firm set to revive Northern housing market in 2020 with £50m sales

Chester based property firm Solomon New Homes is putting confidence back into the housing market as it predicts a 127 per cent increase on the number of its new home sales in 2020 with a forecast value of £50million.

Last year the firm handled 220 new property sales across northern towns and cities including Doncaster, Hull, Liverpool and Manchester totalling £23m. With a growing demand for town centre regeneration developments and the rise in the appeal of Northern secondary and tertiary towns for home buyers and investors, the property firm is confident in its predictions that 2020 is the year that the housing market bounces back.

Andrew Ward, Founder of Solomon New Homes comments: “2020 is the year to give home-buyers and investors more confidence in the property market. In recent years, it’s been characterised by too much uncertainty, but I want this to be the year when buyers see a clear path ahead. We’re resolved to helping them find that path; showing them how mechanisms like fixed rate mortgages and providing certainty around rental returns can help them to plan with confidence.”

Destinations like Manchester and Liverpool are well known investment hotspots with continued investment, but Solomon is also urging clients to consider less obvious targets, where employment rates, populations and rental demand are all rising, but where average prices are still well within reach.

Andrew adds: “Bolton is a good example of the type of tertiary towns that are becoming more appealing for our clients but there are many others that offer variations on the same theme. The ingredients are there for some very healthy yields and, at the same time, buoyant local economies make longer term capital appreciation a very credible prospect.”

Solomon is currently marketing a converted textile mill development in Bolton and the 150 Manhattan style Globe Works apartments are being snapped up by young professionals living in the area. Much investment is taking place to assist in the regeneration of Bolton Town Centre - replicating the success of the growth of other Northern towns, such as Bury, where a drive in the creation of skilled jobs attracted a new wave of young professionals to the area.
Solomon is also working with a UK based developer to bring a further 630 apartments to the Bradshawgate area of Bolton.

Andrew adds: “Locals love the Globe Works and investors are attracted by the location as it’s just 15 minutes away from the centre of Manchester.”

Preston has also become a ‘go-to’ area for people looking to live and invest in the North West, recent regeneration of the ‘new’ city (it was a town until 2002) has been a nationwide phenomenon. There has been investment into the area of over £434 million, covering Preston and South Ribble, while it’s forecast that 20,000 new jobs and more than 20,000 new homes will be created.

Andrew comments: “Like Bolton, Preston is also well-placed in terms of location, connecting to four major motorways and various rail networks. The rail station is also undergoing a multi-million pound modernisation, making the city attractive for investors looking for low property prices with high rental yields.”

One investment hotspot in Preston is Winckley Square, with over £1 million of heritage regeneration project funding secured from Heritage Lottery Funding. This injection of funding has allowed the council to ‘restore this handsome square to its former glory’. Solomon is bringing a 70-apartment scheme to market in this sought-after location with apartment prices ranging from £150,000 to £200,000.

Solomon New Homes currently employees 35 staff at its offices based in the Chester West Employment Park.

This was posted in Bdaily's Members' News section by Sara Wheater .