Riding high in the polls, the Labour Party under Keir Starmer has pledged to reinstate house-building targets if it wins the next election, presumably, because they think it’s a popular pledge that can win them votes.
It may be a hot-button political topic, but the facts don’t lie – there isn’t enough housing in this country and we need to build a lot more. Not just houses, either, but high-quality apartments and high-density properties too.
According to the Centre for Cities, ‘Compared to the average European country, Britain today has a backlog of 4.3 million homes that are missing from the national housing market as they were never built.’
This housing deficit would take at least half a century to fill even if the Government’s current target to build 300,000 homes a year is reached. Tackling the problem sooner would require 442,000 homes per year over the next 25 years or 654,000 per year over the next decade in England alone.
This deficit becomes even more urgent as cities like Manchester face a significant shortage of affordable homes, requiring innovative solutions and comprehensive planning to meet the increasing demand for housing. With this in mind, we’ve taken a look at how the Government is bridging the Manchester housing gap.
Bridging the Manchester Housing Gap
According to the Manchester Evening News, this is something that could already be underway as the combined authority councils are planning to release funding to get building started on many of the brownfield sites around the area, with the MEN confirming “Around £41m could be spent unlocking the development of more than 2,700 potential homes – including affordable housing – on brownfield sites across Greater Manchester.
The combined authority has confirmed that 21 projects will be supported by the latest round of grants through the government’s £400m Brownfield Housing Fund (BHF).”
Sustainability and serving the community are becoming huge requirements and desirable characteristics of new developments, ones that are becoming increasingly central to most plans now.
In a piece for The Business Desk, it was noted that “Brownfield sites come with their own set of unique challenges, requiring a developer with specialist skills, long-term vision, and a track record of experience to make sure they realise their potential. However, for those who are willing to take on the challenge, they also create an even bigger opportunity to deliver community-focused places, with a clear view to the future.”
Despite these ongoing regenerative schemes, the housing shortage in Manchester is showing no signs of letting up. This shortage paired with unwavering demand, particularly from a younger working demographic, has resulted in Manchester solidifying its status as a leading buy-to-let location, something that is set to continue for the foreseeable future.
In the 2023-27 period, property prices are set to increase by an impressive 19.3%. Rents are also set to increase by 21.6%, making Manchester property an extremely good investment.
As a Manchester-based company specialising in buy-to-let investment for almost 20 years, we are perfectly placed to help investors navigate the Manchester property investment market by providing expert advice and access to exclusive opportunities.
With that in mind, if you’re interested in investing in these types of properties why not speak to us today?