York and Darlington

York and Darlington
 
High Value Employment Markets

20 May 2016, by Sophie Chick

Wealth creation will continue to strengthen the demand for residential property in both York and Darlington

 

York and Darlington are important urban locations within the UK with strong local economies. Although the majority of wealth is generated within these economies, the major financial centres of London and Edinburgh are easily commutable, with fast trains linking York and London in under two hours.

Both locations have historically prospered on their large manufacturing and railway industries, yet this emphasis has more recently shifted to the service sector. Forecasts from Oxford Economics anticipate the employment market will grow over the next 10 years, by 5.1% across the local authority of York and by 2.2% in the local authority of Darlington.

Positive employment growth is expected in many sectors with the professional, scientific and tech sectors expected to see the largest increase in both areas. As these high value employment markets become increasingly important, the resulting wealth creation will continue to strengthen the demand for housing in both city centre and commutable locations.

An exciting opportunity for the area is the Northern Powerhouse policy, which is helping shift the focus of investment from the south to the north. Although neither location is included in the initial plans, both Darlington and York are well placed to benefit. For example, the electrification of the railways will better connect the main cities and attract new industry to the area, such as Hitachi’s rail vehicle manufacturing facility, which has created 730 new jobs in Newton Aycliffe near Darlington.

 

 
York train station

▲ York train station

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