Manchester City Council has set out an ambitious strategy to accelerate home building to handle a projected surge in population in the next 15 years.
Population growth projections suggest the need for 55,000 new homes by 2027, with early estimates suggesting that 5,000 new homes could be delivered in the next three years and 13,000 new homes up to 2019.
The Residential Growth Perspectus reveals the city's intentions for residential growth as the fastest growing city in the UK and the largest engine of growth outside London and the South East.
Manchester City Council says the response to this expected growth will stimulate and encourage high quality new home building across the city, working in close partnership with private developers, social landlords and housing providers, to deliver a mix of tenures to supply the full range of markets and budgets.
The report suggests that new home building also brings employment benefits, providing a myriad of jobs, apprenticeships and education opportunities for Manchester people.
It is thought that for every new home built, five new jobs are created – not including any further employment not directly linked to construction – which means more than 25,000 new job opportunities could be created in Manchester in the next three years.
Manchester City Council's strategy will be based on six key areas:
- Building more new homes – more high quality homes for sale and rent to meet future demand.
- Creating pathways to home ownership – deliver more homes with mortgage products people can afford, putting their foot on their housing ladder and enabling them to play a bigger role in the city's economy.
- Developing a quality private rented sector – good quality, well manage accommodation. An important sector accounting for more than half of the economically active households in the city centre and fringe.
- Bringing empty homes back into use – put life back into the city's empty properties.
- Planning frameworks to support growth – ensure the city's planning policies encourage and support residential growth.
- A strong sense of place – develop sustainable neighbourhoods and communities that are more than just housing, but a mix of facilities and good management that will attract new families and residents.
Manchester City Council launched its own innovative approach to home building through the Housing Investment Model last year but this strategy looks to engage with investors to target suitable sites and attract new and trusted developers to drive residential growth.
The strategy will also continue to explore different approaches to home buying – such as the Manchester Mortgage – to support potential buyers towards the aspiration of home ownership.
Cllr Jim Battle, deputy leader of Manchester City Council, said: "Manchester's strategy is about building new homes and creating jobs.
"We need to act now to meet demand for the future and to do this we need to stimulate investment in building and bring empty homes back into use.
"The plan is also about creating financial packages that allows households into owner occupation. We believe this combination will not only create homes and neighbourhoods, but jobs, training opportunities and a huge economic boost for our city,
"The plan is ambitious but in Manchester we have the skills and experience to deliver a strategy that will secure Manchester in poll position as an economic driver for the UK."