A plan to boost housebuilding in Manchester and make new homes more affordable has been agreed this week which will generate new employment opportunities in the trades.
Manchester City Council has signed an agreement with the Greater Manchester Pension Fund (GMPF) and the Homes and Communities Agency (HCA) to bring together a completely new way of funding homebuilding in the city.
The scheme is set to build more than 240 new affordable homes and create thousands of jobs in the construction industry.
Land for the development will be provided by the city council, including one site offered by the HCA, while the Greater Manchester Pension Fund will finance the building of the homes.
The partnership will choose a contractor to build the homes whilst the city council supports the buyer, by taking an equity share in the property, making the new homes more affordable and mortgage costs lower.
Cllr Jim Battle, Deputy Leader of Manchester City Council, said: “Manchester’s growing population and forecasted economic growth will mean we will continue to need more homes in the near future.
“The economic climate has severely slowed home building in recent years and levels of development are not keeping up with the city’s demand.
“This new innovative model tackles these issues, pushing forward development opportunities while ensuring a supply of new attractive homes are available to residents at affordable prices.”
Deborah McLaughlin, North West Executive Director at the HCA, said: “At the HCA our focus is to employ new and innovative ways of working to use public land assets to more quickly deliver homes and economic growth. This new concept marks a major milestone for house building in Manchester and has the potential to attract major investment to the city.”