One of the biggest issues in the UK property market in recent years has been the lack of affordable homes across the country. There are many property developers operating in the country, but given the chance, they would prefer to develop penthouses and swish apartments than affordable housing.
The problem with affordable housing is that it is of benefit to many people, it doesn’t make massive profits for developers. Commercial companies make commercial decisions, and this is why so many of the new buildings developed in the UK haven’t impacted the need for affordable housing.
Therefore, the news that Stockport Town Council has informed developers that the new urban village for the town centre must not become a cash cow for developers is welcome news. Coun Sheila Bailey has said the Town Centre West regeneration project must deliver affordable housing as opposed to luxury accommodation.
All eyes are on Stockport for redevelopment work
The Mayoral Development Corporation, MDC, is guiding the redevelopment of this zone. The MDC was launched recently to much fanfare, and as the first in the country to focus on improving a town centre, all eyes are on Stockport.
Councillor Bailey, said; “They are not for high-end flats and apartments, they are for housing that people can actually afford to live in - either to buy through shared equity or through affordable or social rents. That’s the kind of housing that Stockport is short of - it’s not short of expensive properties. I think we really do have to make sure that the kind of property, the kind of building, the kind of development, that hopefully will take place in this area will reflect the actual needs of Stockport residents - and not necessarily the profit motive of developers, because the two things don’t necessarily always coincide.”
The councillor admitted there is a wide range of people living in Stockport, and there must be affordable properties for people at all levels.
Residents want to be part of the exciting future for Stockport
Local people will be delighted to hear these comments, as there is a need for affordable housing in the area. Stockport is on the rise, and property prices in the area are higher than many other parts of Greater Manchester. It is great news that so many people love Stockport and want to move here, but there needs to be work undertaken to ensure local residents can afford to buy property, and remain in Stockport.
With convenient transport links to the centre of Manchester, and significant developments taking place, Stockport is the ideal place to buy, live or invest. As Stockport property specialists, we want to ensure you stay in touch with the latest property news. If you are looking for assistance in this area, give Spencer Harvey a call on 0161 480 8888 or send us an email at info@spencerharvey.co.uk. For a free valuation please visit: https://www.spencerharvey.co.uk/valuation-enquiry.html