“We need a Northern powerhouse” (1) – so declared the Chancellor of the Exchequer George Osborne in June 2014. But why? What does this actually mean for you, me and other property investors? How will this impact your property plans in 2016? The intention behind the Manchester Devolution Housing Fund is that it will help unlock local stalled housing schemes and result in between 10,000 and 15,000 homes being built across a ten-year period. However that’s just a drop in the ocean compared to the actual demand for homes in the Manchester area, which is closer to 10,000 new homes every year.

1. WHAT YOU NEED TO KNOW ABOUT
THE MANCHESTER DEVOLUTION
HOUSING FUND (2016)
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2. www.propertyinvestmentsuk.co.uk

3. The Greater Manchester Housing Fund was
created in the first wave of preparations for
full devolution.
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4. It’s through this agency – and, from 2017, the
brand new City Mayor – that the £300 million
committed by central Government will be
distributed.
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5. The intention…
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6. …is that the fund will help unlock local stalled housing
schemes and result in between 10,000 and 15,000 homes
being built across a ten-year period.
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7. The Reality…
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8. … is that’s just a drop in the ocean compared to
the actual demand for homes in the Manchester
area. A number closer to 10,000 new homes every
year.
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9. Bill Enevoldson, Chief Investment Officer for
the Greater Manchester Combined Authority
(GMCA), which will oversee its dispersal, said:
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10. -Bill Enevoldson
“Access to public funds can be the crucial piece of
the financial jigsaw and help get vital housing
schemes started.
Developers are being urged to take advantage of
the funding and start building.
Greater Manchester is in a unique position, this
money is at our disposal and we will invest it wisely
to help speed up the delivery of much needed new
housing of all types right across the region.”

11. Local Authorities have identified more
than 30 sites with existing planning
permission that have yet to start on site.
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12. Deborah McLaughlin, Chief Executive of
Manchester Place, said:
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13. -Deborah McLaughlin
“We cannot afford to sit back when there is a
desperate need for new housing.”

14. Previously the HCA’s executive director North
West, she added:

15. -Deborah McLaughlin
“In 2014 more than half the 10,030 new homes
built in the region received some form of HCA
funding which enabled them to be delivered.
I believe the Greater Manchester Housing fund has
even greater potential and will enable many small
to medium sized schemes of high quality to
proceed where they are currently stalled.”

16. This position is modelled on the London
Mayoral Office and is key to all
devolution plans…
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17. …primed to take the lead in housing in
the region.
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18. www.propertyinvestmentsuk.co.uk