The plan also calls for greater collaboration between local authorities, housing associations
Andy Burnham, Mayor of Greater Manchester, unveiled a new housing initiative aimed at helping first-time buyers enter the property market during a press briefing in Manchester ahead of the Labour Party annual conference in Liverpool. The plan, announced on September 23, 2023, focuses on increasing affordable housing supply and offering financial support to young people struggling to save for deposits. Burnham emphasized the urgency of addressing the growing gap between wages and house prices in the region. The initiative includes proposals for shared ownership schemes, rent-to-own options, and council-backed low-deposit mortgages tailored for first-time purchasers. Burnham cited rising rental costs and stagnant income growth as key barriers preventing young people from buying homes. He argued that without intervention, a generation would be locked out of homeownership, deepening inequality.
The plan also calls for greater collaboration between local authorities, housing associations, and private developers to accelerate construction of affordable units. How Will the Plan Support First-Time Buyers? The mayor explained that the program would provide equity loans covering up to 20% of a property’s value, reducing the deposit required from buyers. Participants would repay the loan only when they sell the home or remortgage, making initial costs more manageable. Burnham noted that similar schemes in other regions have helped thousands secure homes with deposits as low as 5%. He stressed that eligibility would prioritize local residents and key workers such as nurses, teachers, and emergency staff. What Challenges Could Slow Down Implementation? Burnham acknowledged that funding and planning permissions remain significant hurdles. He admitted that delivering thousands of new homes quickly requires central government support and streamlined regulatory processes.
Critics have warned that without sufficient public investment, the plan risks falling short of its ambitions. The mayor urged ministers to back the initiative with targeted funding in the upcoming spending review, warning that inaction would worsen the housing crisis. Frequently Asked Questions Who is eligible for the new housing support? First-time buyers who live or work in Greater Manchester, particularly key workers and those on moderate incomes, will be prioritized for the scheme. What types of homes will be available under the plan? The initiative will focus on newly built affordable properties, including apartments and family homes, delivered through shared ownership and rent-to-own models. When will the first homes be available? Burnham said the first properties under the program could be ready for occupation within 18 months, subject to funding and planning approvals.