The Greater Manchester area, like many parts of the United Kingdom, is experiencing an increase in demand for rental property. With a growing number of people feeling as though they are unable to afford to buy property, this demand in the rental market isn’t going to go away. This can be seen in the volume of work being undertaken in building new properties but some people have expressed concerns about this demand, and how it is being met.
There has been a voicing of opinion in the architectural community in Manchester that the new properties are dull and are stifling the flair that many people associate with the city.
There are currently 8.950 homes with planning permission in Manchester. This in itself indicates progress as this is a 67% rise on the 5,355 units which were at the planning stage this time in 2015. 54% of the 8,950 properties, 4,825, are for the private rented sector, while 40% of the market, 3,160 properties, are being developed to be placed on to the open market. This leaves 6% which are being developed for rental homes or Affordable Housing schemes.
There is positivity in Greater Manchester
Overall, this has to be seen as a positive thing for the property and rental market in Greater Manchester. The level of confidence that is being shown in the local area should be treated as a good thing and hopefully this will develop further as time goes by.
However, Tim Groom, from the firm of the same name has raised concerns about the new buildings. His concerns centre on the fact that fund investors are looking for a typical type of home which features a lounge with an identical bedroom on either side of it. With the same investors coming to market with unique and detailed specifications, and developers looking to meet these needs, there is a growing sense of uniformity in the market.
There is a longer term concern that if these properties are being developed with the main aim of meeting investor demands, there will eventually be an overloading of one and two bedroom properties in the local area. Yes, there is a demand for these property types but there is also a demand for other properties with larger bedrooms, just not as much. If the property developers are focused on their own needs as opposed to the needs of the market, which is of course their right, the availability of property may not suit the needs of the local community.
There will always be great looking buildings which provide Greater Manchester with architectural flair but if people cannot find properties that are right for them, there will be a negative impact on the market.
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