There is an old business adage that “you’ve got to spend money to make money” and this is the thinking behind a company’s decision to invest £1m in a derelict church in Cheadle Heath in Stockport. This investment means work is now underway at St Augustine’s Church with The Blackmore Group, through their Blackmore Bond arrangement, buying the property. The tower, pillars and original windows will all be retained in the new development.
The entrance hall of the church is set to be the main entrance for the new apartment block and there is some good news for people looking for affordable housing in Stockport. It seems as though the prices will start from around £175,000 which should be appealing even to first time buyers. The need for affordable housing is probably even more important than the need for housing itself. You can see why property developers are keen to make expensive flats that sell for a higher amount of money because this is what drives profit. These are businesses and they are looking out for themselves, and there can be no complaints about a business making a commercial decision in that manner.
Affordable housing is required in Stockport
However, if every developer introduced expensive flats and nothing else, there would very quickly be even more difficulties in the property market. There is a need for local councils and the government to take more action in ensuring that there are affordable flats and properties available but some developers need to think about the market as well. With expensive flats, there is a risk involved because if the market deems the price to be too high, no one will buy and then you start to have problems. You may think the natural solution in this case is to start dropping prices but when you do that, potential buyers understandably have concerns about the quality of the property they are buying.
This is why some developers are likely to think that producing affordable housing makes sense because they will sell quickly, bringing money in as quickly as possible. It may not be the largest profit margin but it is a profit and at much less risk than some of the more expensive options. This is definitely an aspect that property developers operating in and around Stockport should consider because there is a huge demand for affordable property. Most buyers have reasonable expectations when it comes to affordable properties, they don’t expect a mansion, but they are looking for value for money.
There is also good news in the fact that Chrome Services, a contractor from Cheadle Hume, have been awarded the position of main contractor. At Spencer Harvey, we always want to hear good news and development in the Stockport property market, and we want to hear about affordable housing options. If you want to hear all about the Stockport property market, and how you can benefit from it, come and see us or contact us to arrange an appointment.
Image From The Manchester Evening News