MADCHESTER - 2018

I recently came across an article by The Guardian’s Alec Herron, who claimed; “Manchester’s housing greed is destroying its cultural heart.” (1.)

True: Manchester is in the floodlights of huge, region-wide residential housing projects; there is no doubt about that. 

But in my eyes, the positives far outweigh the risk of cultural erosion.

I grew up in Manchester in the 90s, attending Parrs Wood High School 1989 - 1996. 

Being Mancunian during that time was everything to me. Manchester United were the best football team in the world and our "Madchester" music scene was the best in Europe - everybody want to be a "Manc".

It's easy to look back fondly at the city’s past, but halcyon days of "Happy Mondays" and "The Hacienda" are often wildly exaggerated. The rave scene and all associated "businesses" were booming, but realistically, being a teenager in 1993, Manchester was bleak, with very few realistic prospects. 

On Saturday 15th June, 1996, Manchester changed forever when the IRA detonated the largest bomb seen in mainland Britain since WW2, blowing the heart out of the city (2.) 

I was in the city centre that day, I had just finished my A Level exams in; Psychology, English Language and Government & Politics. 

The Prime Minister didn't bother visiting our city, but the destruction did force the government (mostly the EU), to invest an un-precedented ￡84m to rebuild the city centre. 

This investment sparked external interest and a newfound confidence in the huge potential of Greater Manchester. 

Peter Hetherington (1999) wrote about our first wave of residential growth; 

"At the height of rebuilding, 6,500 construction workers were employed, and 1,100 new jobs will soon have been created in new stores and leisure complexes. To reduce car use, a free city centre bus service will be introduced this week.

House and flat building is booming. With 6,000 central flats and another 4,000 in the pipeline the city centre population is rising fast. Early next year , the council will unveil plans for schools and health centres. The council leader, Richard Lease, says rebuilding has "unleashed a wave of investment". (3.) 

LOFT was established in 2003 and alongside countless other businesses, directly benefitted from the city's exponential growth.

Fast forward to today and 2018's tsunami of growth and development has generates further, boundless opportunity.

Investment breeds interest and positivity, Manchester is now officially the UK's second city and firmly on the global map.

According to the Deloitte Crane Survey, 2018; “Backed by significant investor confidence, a strong business community, and an influx of new talent, the demand for property, particularly in the residential market, has never been more evident.” (4.)

As an employer and investor in local people, LOFT champion the development and progression of our city. 

Perceptions of the residential impact 

In his article, Alec argued despondently for the city’s property aims to be scaled back, in an effort to prevent London’s un-affordability crisis spreading to the North West. He cites many factors as to why this is happening already. One of them is the council’s failure to provide 20% ‘affordable’ housing within 15,000 completed or proposed developments. 

This is the first instance – in Herron’s piece, at least – where we need to consider the facts a little more deeply. 

Affordable housing is defined by the charity Shelter as “35% of your net household income.” The average wage in Manchester is around ￡27,000. After tax, that leaves ￡2,250 in the pockets of most earners every month – a third of that is ￡750. 

There are countless residential spaces going for less than ￡800. Few, it is true, are designed for single occupants, but co-living is something that Millennial renters expect and actually, prefer. 

Workers on a lower salaries will find it more challenging to secure quality accommodation in the city centre, meaning they’re more likely to explore the suburbs and subsequently our region's growth and prosperity will continue to spread. 

The city’s learning institutions, financial centres and start-up scene are ripe for those who want to succeed at something they love. To welcome more people into these apartments and housing schemes, we must embrace the benefits of evolving Mancunian culture in the 21st century. 

Employment, accommodation and leisure

What does opportunity look like? For me, it’s the region’s ￡600m economic growth tag in 2017, with 22,000 jobs created as a result. It is the astonishing achievements of brands that have used Manchester as a base to make an impact globally. None of this would be possible unless the city welcomed property that also caters for middle and high incomes. 

Not all of Manchester’s historical sites are worth keeping. The Angel Meadow tower block is a perfect example of reviving a neglected vein of the city’s architecture. Likewise, planned development for skyscrapers bordering on Hulme to the south are virtually guaranteed to bring more bars, clubs, cafes, retail and sports centres to the area.  

LOFT Interiors have been at the heart of Manchester's growth since 2003. We are currently involved with some of the largest Build-to-Rent development's in the city. The needs of local people, and ours, are entwined - LOFT employed 150+ people last year in our bid to help deliver the accommodation of the future. 

We should focus upon the tremendous positivity generated by Manchester's second major property boom, rather than grumbling; "it was well better in the 90's" - it actually wasn't, I was there. 

1. www.theguardian.com/cities/2018/mar/06/manchester-housing-greed-culture-development-buy-to-let

2. https://www.independent.co.uk/news/uk/after-the-bomb-came-the-fall-out-1328934.html

3. https://www.theguardian.com/uk/1999/nov/22/peterhetherington

4. www2.deloitte.com/uk/en/pages/real-estate/articles/manchester-crane-survey.html