Manchester house buyers received a boost today as the Greater Manchester Combined Authority announced plans to kick-start property development across the region.
Greater Manchester has suffered a sharp decline in the number of new homes coming onto the market in recent years. Figures have been running at only 3,000 per year rather than the 10,000 predicted in forecasts.
This has had a particular effect on wage-earning households who are unable to find suitable properties to live in. Older people living alone in large houses have also found it difficult to downsize.
Lord Peter Smith chair of the Combined Authority said that the model was formed with the region’s families in mind.
He said: “Every family in Greater Manchester wants to live in the best accommodation for their own particular needs. We know that the housing market is stagnant, and that many people who want to move can’t find the right house either to buy or to rent.”
The Combined Authority, which is made up of 10 councilors nominated by Manchester’s constituent authorities, is seeking to tackle the problem by endorsing the creation of a Greater Manchester housing investment model. The model will aid the development of new houses by identifying suitable sights and funding opportunities.
Lord Smith has also promised a focus on sustainability in the plans for housing development.
“We should encourage new developments to be sustainable and help us meet our low carbon targets. This will help families, and developers all over Greater Manchester,” he said.
The Combined Authority is working closely with the Homes and Communities Agency in its endorsement of the Greater Manchester housing investment model.
More information on the Greater Manchester Combined Authority can be found at http://www.agma.gov.uk/.