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.
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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.
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“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.
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“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.”
Northern council could become first in England to charge second home owners double council tax
Emily Sergeant
Those who own second homes in North Yorkshire could become the first in England to face a double council tax bill.
In what already sounds like a pretty groundbreaking move, North Yorkshire County Council is considering the introduction of a 100% council tax premium on second properties in the hugely-popular region, ITV reports.
It comes after local people, especially young families, expressed concerns that they are being priced-out of the housing market.
In a report to the Council’s executive, which is set to be discussed at a meeting today (Tuesday 20 September), it was explained that second home ownership within the North Yorkshire area is “significant” and is “recognised to have a negative impact” in terms of the supply of homes available in order to meet local housing need.
The report explained that the proposed new council tax levy would apply to properties that are left empty for more than a year.
It’s believed it could generate £14 million in revenue, the report said.
North Yorkshire County Council is considering introducing a 100% council tax premium / Credit: Toa Heftiba (via Unsplash)
The report being discussed in today’s meeting follows a recommendation by the Rural Commission last year to place a charge on second homes to finance affordable housing, and comes after people in the North Yorkshire costal tourist town of Whitby voted in favour of new measures to reduce the number of homes being used for holiday accommodation.
It’s not the first time double council tax has been proposed in the region though, as a decision about a second homes premium was once postponed after some Council members said it could encourage council tax avoidance.
Others also said the measure would be difficult to implement – but it seems the Council is hoping it’ll be better received this time round.
It would become the first county in England to introduce the charge / Credit: Benjamin Elliot (via Unsplash)
Similar measures introduced in Wales have been cited for reasoning as to how it could work.
“The second homes figures in Wales suggest that, regardless of any avoidance issues that might remain within the system, there should still be sufficient incentive for the council to consider a council tax premium on second homes in order to help address the issues caused by second home ownership within the area,” the report reads.
Could it actually become a reality then? And could this be the start of second home council tax premiums in other counties? If approved, the measure would be introduced in North Yorkshire from April 2024.
First images released of huge redevelopment plans for Great Northern Warehouse
Emily Sergeant
The first images of plans to redevelop the iconic Great Northern Warehouse complex in Manchester city centre have been released.
After Manchester City Council’s Strategic Regeneration Framework (SRF) laid out ambitions back in 2017 for the historic Grade II-listed leisure complex to be established as a “cultural, business and residential” destination for the future, the owners of Great Northern have unveiled their plans to bring the building “back to vibrant life”.
Owners Trilogy Real Estate and Peterson want to “make best use of the six-acre site”.
They have set out plans for this to be done by improving Great Northern’s pedestrian connections to the rest of the city, removing the “unsightly” 1990s additions of car park ramps and the ‘leisure box’ which houses the cinema, and looking to add medium-scale residential buildings at the south of the site.
The development proposals include a redesign of the public square in front of the Warehouse to create a green oasis for the city with spaces designed for “work, rest and play”.
Upper floors would also be turned into high-quality office space that “respects and upgrades” the existing architecture and structure.
Owners of Great Northern have unveiled plans to bring the Grade II-listed building “back to vibrant life” / Credit: Trilogy Real Estate
New pedestrian routes through the site would also be opened to improve connectivity to the wider city centre and create more spaces for community activity and greenery
Retention, refurbishment, and access improvements to Deansgate Mews would also be made, with space for local independent businesses to flourish, on top of refurbishment and updates to the Deansgate Terrace, with more offices on the upper floors above retail and leisure.
That’s not all either, as redevelopment plans also include 750 apartments across two taller buildings and a lower-scale podium building.
Each building will have shared amenity space, outside terraces, and access to green space.
Trilogy Real Estate and Peterson want to “make best use of the six-acre site” / Credit: Trilogy Real EstateRedevelopment plans “respect and upgrade” the existing architecture and structure / Credit: Trilogy Real Estate
Speaking on the unveiling of the redevelopment plans, Robert Wolstenholme – Founder & CEO of Trilogy Real Estate – said: “I’m hugely proud of our local team who have worked so hard to get us to the point where we are able talk to the public about the potential for this much-loved site in Central Manchester.
“Our proposals put community, sustainability and local business at the heart of plans for The Great Northern.
“We look forward to progressing the scheme to achieve the best outcome for the city.”
Mancs and the local community are now invited to attend one of four public consultation events on the plans whicb are being held at The Village Hall on Deansgate Mews today, Saturday 10, Thursday 15, and Sunday 18 September.
Trilogy is looking to submit plans to Manchester City Council later in the year, and you can find out more about them here.
The Manc -
23rd July 2020 
