Search
 

Government Invests to Prop up Salford Housing Market

LONDON-At a time when the average house price in the UK is growing by nearly 20 per cent per year, there are still places where the market is in collapse. In parts of Manchester owners are simply abandoning properties that have no value. The UK government has just pledged pounds 125 million ($210 million) to reverse this trend.

By Graham Parker | Updated on October 09, 2003

LONDON-It is one of the paradoxes of the UK housing market that, in the middle of one of the strongest bull markets ever seen, there are still areas where the housing market is in a state of collapse. In parts of Manchester properties cannot be given away and owner occupiers are simply abandoning them.

To reverse this trend, which has damaging social consequences, the government has just made the first grant of £125 million ($210 million) out of its £500 million ($835 million) housing market renewal fund. The money will go to revitalise communities in the Salford area of Manchester blighted by collapsing housing demand.

The area is characterised by falling property values, leaving many owners in negative equity and a poor living environment. This has resulted in an exodus of economically active households while those unable to move are trapped in spiralling decline.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.