Manchester

Manchester's housing market is experiencing robust growth, with the average house price reaching £272,000 (€318,000) in November 2024, a 4.9% increase from the previous year. The market is projected to continue growing, with prices expected to reach approximately £294,000 (€344,000) by the end of 2025.

The city has a population of about 568,996 as of 2022, with the city center population expected to reach 100,000 by 2026. In 2023, 2,402 new homes were completed across ten schemes, and there are currently 3,074 new homes under construction in the Salford Central area alone.

While specific figures for total housing units and the rent-to-own ratio are not provided in the search results, Manchester has a high proportion of renters, particularly among the 24-37 age group. The city offers attractive rental yields of 5.8%, with rental prices growing by 5.76% compared to a drop in London.

Social housing plays a significant role in Manchester, with over a million people on the social housing waiting list. The city has launched a Social Housing Commission to address the housing crisis, advocating for 30% of new developments to be social rented homes.

Cooperative housing represents a small but growing sector in Greater Manchester, offering an alternative to traditional housing models.

Housing cooperatives play a significant role in Manchester's housing landscape, offering diverse options for residents. These cooperatives range from fully mutual housing co-ops to larger community-led initiatives. Manchester has a rich history of cooperative housing, with various models emerging over time, including co-partnership housing, co-ownership societies, and tenant management organizations.

The city of Manchester, along with the Greater Manchester region, has shown support for cooperative housing through initiatives like the Housing Futures project. This research partnership, which ran from 2017 to 2019, aimed to advance understanding of community-led housing and its potential to contribute to a more equitable and inclusive housing landscape in Greater Manchester.

While specific city policies promoting cooperative housing are not detailed in the provided information, there is evidence of a growing interest in community-led housing alternatives. The city has participated in research and knowledge-sharing initiatives to explore the benefits and challenges of implementing such models.

Notable cooperative housing projects in Manchester include:

1. Homes for Change: A flagship scheme in the redevelopment of Hulme, demonstrating community control and alternative lifestyles.

2. Windsor Albion in Salford: A larger cooperative with 177 properties.

3. Equinox in Manchester: A smaller cooperative with one property.

These projects showcase the diversity of cooperative housing models in the city, ranging from small-scale initiatives to larger developments.

The Manchester City Council is actively addressing housing challenges through several initiatives. Their main target is to deliver 36,000 new homes by 2032, with 10,000 of these being affordable homes, including as many social rented homes as possible.

Key programs and activities include:

1. This City: The council's housing company is developing around 600 sustainable homes across four brownfield sites, with at least 20% designated as affordable.

2. Project 500: A scheme to deliver new low-carbon affordable housing on smaller brownfield sites in partnership with registered housing providers.

3. Manchester Housing Providers Partnership: Collaborating to deliver sustainable affordable housing and meet the city's needs.

4. Land disposals: Using council-owned land to boost affordable housing supply, with plans for over 700 new affordable homes across various sites.

5. Retrofit Plan: Aiming to retrofit at least a third of the 68,000 homes managed by housing partners by 2032 to achieve energy efficiency standards.

6. Manchester Living Rent: Introduced to address affordability challenges, set at or below the Local Housing Allowance.

7. Zero-carbon initiatives: Increasing the proportion of low and zero-carbon homes in the affordable pipeline from 20% to 50% by 2025.

These efforts demonstrate Manchester's commitment to creating more affordable and sustainable housing while addressing climate change and economic challenges.