Salford set for property 'shortage'

28/10/2008

Property in Salford is expected to sell due to good buy-to-rent prospects and demand expected to be generated by the transfer of BBC operations to the city in 2011.

Refurbishers Broadbent predicted a shortage of accommodation when the media company's transfer took place.

The company told the Times so many schemes had been put on hold in the Salford there would not be enough homes for new staff.

So far some of the flats in Salford Quays have been reduced for sale and City Lofts, which had a 203-unit tower scheme, had gone into administration, the publication reported.

Prices have gone up, but transactions have nose dived, according to local estate agents.

In August this year detached house prices had increased to £250,756, semi-detached to £137,832, terraced to £76,678 and flats to £120,670.

Chief executive of urban regeneration company Central Salford, Chris Farrow, told the Times: "Salford and Manchester are like Buda and Pest … they are twin cities, separated by the River Irwell."

Social housing across Salford transferred to housing trust City West this month, which pledged to spend £900,000 refurbishing older properties.
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