Patricroft Bridge Baseline Report.pdf - Urbed

Report by URBED with AGD6. Market Characteristics and DemandThe review of the local property market provides anassessment of those property sectors with the potentialto drive the regeneration of the area with an emphasison the residential and leisure markets and also providesan overview of the commercial, industrial and retailmarkets as part of the retained mix within the area.ResidentialThe residential property market at both a local, regionaland national level is undergoing a major slump withdemand for new properties stifled by restrictivelending and higher borrowing costs resulting in limitedmovement within the market, failing house prices andfew new build development coming on stream.The review of the residential property market providesan assessment of the existing character and supplyof housing within the Eccles local housing markettogether with an assessment of the likely demand fornew housing in the area. In undertaking the review werecognise that an assessment of demand based on ananalysis of Land Registry data in a ‘stagnant’ marketwill not provide a true measure of the latent demandthat exists in the local housing market stifled by difficultborrowing conditions and so our analysis includes moredetailed consideration of housing market trends priorto the on set of the global credit crisis supported bydiscussions with local agents and developers.SupplyIn terms of the character of the existing housing marketwithin the area an analysis of 2001 Census data for thewards that make up the local housing market showsthat there is a diverse mix of housing types within thearea ranging from traditional pre 1919 terraced housingto new build detached properties.Detached Semi-detached Terrace FlatsBarton Ward 2.9% 26.1% 48% 22.9%Eccles Ward 10.5% 28.1% 26.7% 34.9%Winton Ward 4.7% 44.6% 32.5% 18.2%Salford 8.6% 37% 32.5% 21.9%Source Census 2001Analysis of the table above shows that the BartonWard that includes the Paticroft Bridge area has thehighest proportion of terraced properties and the lowestproportion of semi detached and detached propertieswhile the Eccles Ward contains the second lowestproportion of semi detached properties and the highestproportion of flats within the local housing market areaand City as a whole.The high proportion of smaller dwellings due to thelarge number of terraced properties and flats results inan imbalance in the local housing market with the needfor more larger family housing to meet local needs andestablish a more sustainable housing market.This imbalance in the local housing market is recognisedby policy within the Salford UDP whereby Policy HOU 1requires the large majority of new dwellings within newdevelopments in the Salford West area to be in the formof houses rather than apartments and Policy HOU 2requires that the majority of new houses should be of atleast three bedrooms.DemandA review of development activity and house price trendsprior to the on set of the global credit crisis in early 2008showed strong demand relative to other areas of Salfordwith an above average increase in house prices and anumber of new housing schemes being completed,under construction or in the pipeline.The table below provides a review of residential newbuild completions between 2003 and 2008 with approx883 new properties completed within the wardsthat comprise the Eccles local housing market areaaccounting for approx 10% of the Salford total for newbuilds.48