Greater Manchester has seen a dramatic decrease in new housing completions since the peak of the housing market in 2007, and new supply is running at around 3,000 per annum, rather than the 9,000 – 10,000 we need. A lack of available mortgage finance for households and a consequent difficulty in accessing development funding are the key barriers to overcome; problems common across the country. Each passing year of under-delivery adds to the pressure on the existing housing supply, making it more difficult for new and existing households to find and afford homes that fit their needs and aspirations.
The GMCA has therefore committed to a target of returning to delivery of 9,200 new homes per annum by 2015. The Planning and Housing Team is coordinating a wide range of projects, programmes and new ideas in development to address these issues. Much of this work is directed by the new GM Housing Investment Board, ensuring GM and HCA are working closely together particularly on interventions to support delivery of new homes. This includes direct funding of new development via Affordable Homes Programme, Get Britain Building and Build to Rent funding, as well as work to return empty properties back into residential use. The Team is also working on wider projects aimed at bringing public land and buildings into use for housing development, new investment models to bring new sources of funding into housing development, and exploiting the potential growth of new build for market rental housing.