Greater Manchester to receive a share of £300m housing funding

Good news for the North West, namely, Greater Manchester as it’s set to receive its share of almost £300m funding from the Government to deliver thousands of new houses.

Through the Housing Investment Fund, Greater Manchester will receive £68m from the pot, which will allow it deliver thousands of homes by 2035. Of that £68m, approximately £50m will go towards the development of brownfield land with £10m going specifically towards the regeneration of inner Manchester’s Collyhurst area. And the remaining £8m sectioned-off for increased staffing to facilitate the work needed to make the best of the investment.

Housing Secretary, Sajid Javid, said the new housing investment in Greater Manchester will help build much-needed homes, and give more people from across the metropolitan county the opportunity to get a footing on the property ladder.

RWinvest suggests that one of the reasons the region was chosen for investment is because it’s considered by the government as one of the country’s ‘ambitious areas’ – with some of the highest demand for housing in the country. This is not surprising, given its estimated collective population of 2.8m and as a region, it encompasses one of the largest areas in the United Kingdom.

It’s the Greater Manchester Housing Investment Fund (the housing section of the Greater Manchester Combined Authority) that will work closely with the £68m investment. As a combined power of ten Greater Manchester’s councils and an elected Mayor, the Greater Manchester Combined Authority (GMCA) most definitely has housing on its ‘to do’ list. Statistics from the GMCA’s Housing Investment Fund show it’s committed over £420m to build over 5,800 units at 23 sites across Greater Manchester. Add to this, the Authority has committed over £393m to build over 5,500 new homes at 30 sites across Greater Manchester. Part of GMCA’s housing aims for the region includes:

  • Traditional development finance to support housing growth across Greater Manchester
  • Set up to encourage, accelerate and unlock residential housing schemes
  • Available for private sector-led schemes
  • Competitive pricing and lending structures
  • All residential sector schemes considered (within Greater Manchester geography)
  • All of which will prove invaluable and of huge benefit to local people if thousands of homes by 2035 can be delivered.

Future land
Homes need land in order to be built on and for some areas of the country this can be an issue of contention. Not for Greater Manchester. Between now and 2035, Greater Manchester’s councils estimate there is potentially enough land across Greater Manchester for around 175,000 homes. This estimation and its aim of new housing will add to Greater Manchester’s continued success within the boroughs, towns and neighbourhoods. And with approximately £50m ear-marked for development of brownfield land, the next step seems to be regeneration on brownfield sites that have been left unused for many years. With the right support and people it could trigger a chain reaction in creating jobs, the supply of good quality homes, which in turn, leads to a step up in lifestyle, which would significantly benefit local people and their communities.

With a healthy funding of £68m for the North West region, housing is well and truly on the agenda. As is the impetus for Greater Manchester’s ten councils and their work with the GMCA to make things happen and get new houses built for local residents.