The Stockport property market suffered a blow when an entire collection of luxury homes being developed in the area were destroyed by a fire. This led to 11 homes, which were under construction, being destroyed in Oakwood Road. The fire took place before 7am on the 27th of October with the Greater Manchester Fire and Rescue Service attending soon after.
A total of six fire engines attended the scene and by using water from a local canal they managed to have the fire under control before half past nine in the morning. While fortunately no one was hurt in the incident, the 11 properties, which were timber framed, were gutted. These properties were all set to form a courtyard development in association with Oakwood Hall. This is another area which is being developed to be turned into luxury apartments but this area wasn’t impacted by the fire.
These homes will be a loss to the local area
Planning permission for this development was issued in 2014 and the properties were set to include three and four bedroom properties. The website for the company behind the development listed the properties as “special and unique” while the homes themselves were described as “for those who require the best in modern living”. There is no doubt that this incident and loss will be a blow for the developers, but there is also a lot to be said for the impact on the Stockport property market.
The loss of 11 properties that were supposed to be added to the local market isn’t the biggest loss that could have occurred, but it is still a loss that needs to be dealt with. Given that property is in such high demand, anything which lowers the level of supply into the property market will have an impact. Even for people who feel as though these properties were out of their range, there could have been a knock-on effect. If current property owners sold up and moved upwards into these properties, this could have created space in smaller or more affordable properties. Removing this chain may see some Stockport residents negatively impacted on with respect to their future property plans.
In this sort of situation, it is always good that no one was injured or suffered any more serious damage but as professionals in the Stockport property market, it will be interesting to see if there is any impact on the local property market. It is too early to say what will happen to the land and the proposed property here, but there will likely be some announcement before too long. We will keep an eye on any fresh developments in this story.
Image taken from the Manchester Evening News' coverage, read their piece & watch the video here.
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