Research from social impact developer CAPITAL&CENTRIC has shown that less than 2 per cent of the Manchester residential market is prioritising sales to owner-occupiers.
Examining new build homes on the market in Manchester city centre for £250,000 and under (via Rightmove in May 2020) CAPITAL&CENTRIC uncovered that 76 per cent were aimed at investors.
47 per cent of homes for sale appeared to be marketed primarily at investors, focusing on promoting predicted yields on investment.
A further 29 per cent were targeted solely at investors, requiring hefty deposits and in many cases specifying “buy-to-let” or “investors” only.
ADVERTISEMENT
Just four developments in the city centre were aimed at owner-occupiers only.
Two of those were CAPITAL&CENTRIC’s CRUSADER and PHOENIX on Chapeltown Street in Piccadilly East.
CAPITAL&CENTRIC
CAPITAL&CENTRIC previously made headlines for creating an owner-occupier community and banning investors when it launched Crusader Mill in 2017.
ADVERTISEMENT
Their research arrives as the developer nears completion on the Phoenix development next door – which is also reserved for owner occupiers.
Adam Higgins, co-founder of CAPITAL&CENTRIC said: “For us, banning investors has always been about creating a proper owner occupier community, where you can set down roots and get to know your neighbours. That desire to be part of a community has never been stronger as we’ve all come together in the face of coronavirus.
“Since lockdown we’ve seen loads of interest from people, especially first-time buyers, who want to live alongside other owner occupiers.
ADVERTISEMENT
“This research shows that many other would be buyers are still missing out to investors who are often buying up flats they’ll never visit, seeing them as investments rather than homes and either being an absent landlord or leaving them pristine and empty until the time comes to sell.
“Locals living in these flats, have bugger all chance of getting to know their neighbours, if they have any at all!”
CAPITAL&CENTRIC
Phoenix residents will be the first to move into the emerging Piccadilly East neighbourhood – recently named by The Times as one of the next greatest places to live – when the development completes in August.
The one and two bed apartments, designed by shedkm, are on average 35% larger than other properties in Manchester – another feature that has attracted buyers during lockdown.
Over half will have spacious balconies, with residents being able to access roof gardens and a dog-friendly green courtyard with fire pits and barbecues.
ADVERTISEMENT
Adam continued: “Most of us have had a lot more time at home over the last few months and buyers just won’t put up with poky, identikit apartments anymore.
“They want bigger rooms and outdoor space in a place that feels like home.”
PHOENIX is available with Help to Buy with prices starting at £195,000.
To find out more or book a viewing at PHOENIX, head over to the official website.
Property
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 -
14th July 2020 
