Stockport is set to see new apartments built with a £5.3m loan. However, there are no affordable housing options included in the plans, raising concerns in the community.
Stockport: The Greater Manchester Combined Authority (GMCA) has given a £5.3m loan to build new apartments. But here’s the catch—none of these homes will be affordable.
The Apsley Street project, located near Wellington Street and Churchgate, got the go-ahead back in January 2021. It will add 34 new homes to the area, thanks to the GMCA funding.
The developer, Apsley Street Development Ltd, is also contributing £160k for affordable housing elsewhere in Stockport. They’re putting in another £150k for local parks and kids’ facilities. But folks are worried about the rising home prices in Stockport, especially with so few affordable options.
This situation has led to a spike in homelessness. Stockport has a social housing waiting list of 8,000 people, with some waiting up to 12 years. A recent government report showed Stockport is lagging in housebuilding, only managing to build about half of what it needs from 2020 to 2023.
The site will soon transform into a new apartment block. Meanwhile, costs for temporary housing are skyrocketing, with Stockport expected to spend around £1m on emergency housing this year.
Last year, Stockport MP Navendu Mishra raised concerns in a letter to the council leader. He pointed out the “ever worsening crisis of supply and demand” for housing in the area.
The GMCA’s report on the loan mentioned that the Apsley Street project will help redevelop a brownfield site. The loan was approved by the Fund’s credit committee.
Over the years, the authority’s Housing Investment Loans Fund has helped create more than 11,000 new homes across the region, with loans totaling over £1bn.
However, the GMCA has faced scrutiny after a legal challenge from Aubrey Weis, who claimed the authority was giving loans to a major developer at below-market interest rates. This, he argued, distorted the property investment market.
The GMCA defended its practices, stating it has been providing investment loans for years and is confident in its processes.
