Manchester’s property scene has boomed over the last few years, with more people than ever before looking to live, work, and invest in the city. Whilst this can mean great things for the city’s property industry and local economy, it also comes with concerns for existing resident’s when considering affordable housing.
This is a key point of focus for Manchester City Council, which is why it has been announced that they will require almost a third of homes in major housing schemes to be affordable in a range of upcoming plans. If it goes ahead, this will assist in balancing Manchester’s ever-growing property industry with key social concerns.
The breakdown of the requirements would be to include 30% as affordable housing, including 70% at social rent. This is a large jump from the current requirement which outlines that 20% of housing in larger property schemes have to fall under the affordable classification, with 5% at social rent.
The introduction of these new guidelines would signal a big change in the city’s approach to housing but would likely have a strong impact on property jobs in Manchester, with property purchase becoming more feasible for a wider cross-section of individuals.
Another interesting element of the proposal is that for the first time, purpose-built student accommodation would also be expected to provide affordable housing for students too. Given Manchester’s massive student population thanks to its well-known universities, this could be a welcome addition for many and make it feasible for more individuals to live more centrally in the city, thereby potentially having a positive halo impact for local businesses too.
The new plans for this legislation are still very much a work in progress, and therefore, are set to be finalised by next year and then would be adopted in the summer of 2027. This is an interesting addition to Manchester’s overarching commitment to deliver 36,000 new homes by 2032. Previously part of this figure had been factoring in 10,000 affordable homes, but following the new guidelines this might be set to change.
Executive Member of Housing and Development at Manchester City Council, Gavin White states that ‘Manchester has huge ambitions to make our city even better with great neighbourhoods and more good quality homes and well-paid jobs for all of our residents. Our hugely ambitious housing strategy is delivering thousands of genuinely affordable council and social homes in the city.’
He also went on to highlight that ‘the local plan helps guide appropriate development in the city to make sure that it supports Manchester’s growth and provides a blueprint for developments going through the planning process. In order to meet our housing ambitions, we are consulting on increasing the percentage of affordable housing required.’
It is no secret that the increases in the cost-of-living has made it difficult for many and getting that first step on the property ladder may have started to feel more unattainable for many people in Manchester, however, thanks to this new commitment to affordable housing, this may be set to change. It will be interesting to see if the guidelines evolve as they are implemented and enforced over the next few years.
