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Stats signal “strong signs of recovery” for Manchester’s residential development market
Posted by Richard Bell on 20 Jan 2016
Residential is the most dominant development category in Manchester today, according to new data from Deloitte.
The professional services firm’s latest Crane Survey revealed that the number of residential units under construction in Manchester is at its highest since 2008.
At present, 2,982 residential units are being delivered across 13 schemes in the city, which is close to double last year’s figure.
Examples of projects currently being delivered in Manchester including the Angel Gate, 1 Water Street and One Cambridge Street developments.
Deloitte Real Estate director John Cooper said: “Last year, there were 1,426 units under construction within the study area, which meant levels exceeded the 2002-2014 average and highlighted strong signs of recovery for the residential development market.
“This year, the question was whether this level of growth could be sustained, or if development was being artificially bolstered by the HCA and Built-to-Rent funding unlocking schemes such as Nuovo, Smithfield Square, The Point and Greengate.“
He added: “The anticipated delivery of units for 2016 is almost 400 units higher than the pre-recession average. This level of residential delivery is unparalleled in any other regional city.“
The Crane Survey further noted that The Greater Manchester Housing Fund, through which developers can secure loans to help with the delivery of housing projects, will offer £300m over the next 10 years.