House prices in the North West have more than trebled over the past 20 years
In 1999, the average house price in the North West was just over £50,000. Twenty years later, the typical cost for a house in the region was around £164,000.
House prices in the North West have skyrocketed over the past two decades, new data has shown.
Estate agent Coulters Property reported the findings after conducting research on the changing landscape for first-time buyers.
Coulters also found that whilst property costs have risen sharply; earnings have lagged behind.
In 1999, the average house price in the North West was just over £50,000. Twenty years later, the typical cost for a house in the region was around £164,000.
During the same time period, average salaries rose from £16,000 to just £28,000.
Mike Fitzgerald, Coulters Executive Chairman, said the stats reflected modern disparity between personal income and property prices.
“Although being a first-time buyer is exciting, over recent years, the affordability gap has stretched and continued to do so every year, making it difficult to make the first step onto the property ladder,” he commented.
“In these uncertain times, these inequalities have been made much more apparent.
“There’s no questioning that wages have increased with the rate of inflation, but have they increased enough? Despite recent schemes such as Help to Buy or part-ownership, house prices are expected to increase, with the possibility of a 15% increase over the next five years or so.”
However, despite the deflating data, Mr. Fitzgerald emphasised that support was available for first-time buyers in Britain.
“It’s important to seek all the information you can when considering getting a foot on the property ladder and not let the numbers put you off,” he explained.
“There is so much support and often a price bracket to meet first-time buyers’ needs.”
Mr. Fitzgerald continued: “Capital returns on property are traditionally strong, but like all investments the returns need to be measured over a sufficiently long period of time to flatten out short term spikes and dips in values.
“If done sensibly the outcome and rewards are certainly worth it, not only in financial terms but also in the pleasure that home ownership can bring.”
Salford Lads and Girls Club to receive lifeline funding grant for ‘essential repairs’
Emily Sergeant
Salford Lads and Girls Club is set to receive a lifeline funding grant for essential repairs merely months after facing closure.
The £400,000 grant will be helping to secure a long-term future for the iconic youth club.
Established in 1903 as a purpose-built club for boys, but now open to girls too, Salford Lads and Girls Club nowadays works to provide new generations with access to sports, creative workshops, fitness, music, drama, and ultimately, life skills.
The building is, of course, forever linked with legendary Manchester band The Smiths, through Stephen Wright’s iconic photo of the band outside the front doorway.
For this reason, the venue has become a worldwide landmark and pilgrimage site for music fans, and it even has a dedicated Smiths room.
Salford Lads and Girls Club will receive a lifeline funding grant for ‘essential repairs’ / Credit: Wikimedia Commons
The venue’s funding grant is part of £2.4 million awarded to six historic places in the North West from Historic England’s Heritage at ‘Risk Capital Fund’.
Other sites in the region include the restoration of the upper seating areas at Morecambe Winter Gardens, and the conservation of the Grade II listed pumphouse at the National Waterways Museum in Ellesmere Port.
Some of the essential repairs set to be carried out with the funding include roof slate replacements, and brick and terracotta masonry repairs to ensure the long-term sustainability of this famous community building in Salford.
“Thanks to the extra funding from the Heritage at Risk Capital Fund, we are able to breathe new life into neglected historic buildings in the North West that we haven’t been able to help through our existing grant schemes,” commented Louise Brennan, who is the Director of Regions at Historic England, as the funding grant was announced.
“This initiative will not only boost economic growth but also create amazing opportunities for people in some of the region’s most disadvantaged areas.
Hundreds of new homes in Mayfield Park given green light
Daisy Jackson
The chance to live in Manchester city centre’s newest park (and one of its only green spaces) has taken a step closer, with plans for new Mayfield Park homes given the green light.
879 apartments have been approved this week, which will have ‘the ultimate front garden’.
The Mayfield district has been undergoing major changes in the last few years, including the redevelopment of Depot Mayfield (into Freight Island, plus a music venue for events like Warehouse Project) and the opening of the beautiful Mayfield Park.
And now hundreds of new one-, two-, and three-bedroom homes will be added to the area, as well as a 40% increase in the size of the park.
The plans for the first homes at Mayfield Park were met with unanimous approval by the City Council’s Planning Committee.
The residences will span across four buildings, with low-rise elements peppered in amongst the taller blocks, and will also be home to restaurants, cafes, and health and wellness facilities.
A new tree-lined road through the development will enhance walking and cycling connectivity from east Manchester into the city centre.
More than 880 jobs will be generated during the construction phase, plus 120 full-time jobs when operational.
Hundreds of new homes in Mayfield Park given green light. Credit: Assembly Studios
The proposals suggest that the apartments will contribute £2 million annually in Council Tax and a major £10 million boost to local businesses through increased spending.
The high-quality homes are designed by Studio Egret West and shedkm, designed to reflect the industrial heritage of the area, including distinctive arches.
20% of the first phase of homes are intended to be classed as affordable housing and will be prioritised for key workers in Manchester.
Henrietta Nowne, Development Director at Landsec, representing The Mayfield Partnership, said: “For the first time, Mancunians will have the ultimate back garden within the award-winning Mayfield Park.
“An opportunity like this hasn’t existed before in Manchester. Since starting on site earlier this month, there’s real momentum building as we continue to grow a green, healthy and connected district in the heart of Manchester.”
The approval marks the next chapter of the continued transformation of the Mayfield district near Piccadilly Station, led by Manchester City Council, TfGM, London Continental Railways (LCR), and Landsec.