The latest Manchester Crane survey, which monitors and measures the volume of development taking place across Salford and Manchester, highlights more positive growth, driven by the residential sector. The report, published today, 6 February, records both Salford and Manchester as experiencing a boom as local regeneration plans continue to be implemented and opportunities realised.
Deloitte, the international professional services company compile the annual report, which is seen as a hugely important barometer of the current outlook for the sector. The report measures the amount of development projects taking place across both cities and their impact. The focus is on Manchester and Salford city centres, which Deloitte classifies as the area which closely borders Manchester city centre.
The report notes, that “Manchester and Salford have witnessed a remarkable period of growth over the past decade, with a significant focus on strategic regeneration areas and underutilised sites away from the City Core. Many parts of our Crane Survey area are unrecognisable from even 10 years ago, such has been the pace of change. New neighbourhoods have emerged which offer a variety of exciting and distinctive new destinations that continue to support the popularity of the city as a place to live, work, visit, and spend leisure time.”
Residential projects on site in 2023 account for much of the positivity in the report. Salford has experienced a record year, with over 3000 new homes under construction across 8 schemes in the Salford Central area of the city. Developments include The Railings, Bankside and Pavilion Wharf, as well as Greenhaus, which together demonstrate a real tenure mix across the developments. There were 924 completions across 3 key schemes including Cortland at Colliers Yard, Regent Plaza and Dock 5.
These figures make Salford the most active segment of the central area residential marketplace. The 2023 statistics further swell the overall homes figures for Salford Central over the last decade. This area of the city has seen 16000 new homes completed over the period 2014-2023, an indication of the council and development partners responding to an increasing population over recent years, coupled with a growing demand for more homes.
The report and the positivity is set against a backdrop of the current economic and political climate. There’s uncertainty in this pre-general election and post-HS2 cancellation period. The sector is grappling with high inflation costs, coupled with rising interest rates and high credit costs.
Salford City Mayor Paul Dennett said: “This year’s report highlights again more positivity for the city and further proof of our strategy for growth and regeneration in action. We’re creating desirable opportunities for developers and ultimately for businesses and local residents in the city. The findings follow on from the 2023 report, and the evidence is here that we are responding to the needs of the market and delivering with real tangible outcomes across the sector.
Credit: Middlewood Locks
Residential growth is up, but as the report outlines, diversity across housing options is still required in this area, and this is something I am fully committed to achieving. As our population grows and with an increased desire to live and work in the city, we do need to create more affordable homes across all parts of the sector and ensure they form part of sustainable neighbourhoods.
These results are ones that we as a council, alongside our key city partners and developers we can be proud of. But it doesn’t stop here. Our strategy for growth and regeneration continues, with the likes of further development at Media City, the official opening of Eden, the strategic regeneration framework at Strangeways and Cambridge areas and Crescent masterplan.”
Salford City Council Chief Executive Tom Stannard said; “We recognise the positivity behind this report, whilst also looking towards the future. We have a clear focus on delivering our plans as well as working with sector colleagues to ensure we continue to meet their needs and those of businesses and residents.
Our focus now moves to MIPIM as our work to further share the city’s redevelopment story on a global platform continues. Our bold plans for the next chapter of the Salford story are in place and we’ll seek to share our vision for this next phase of regeneration across the city and attract partners to enable us to bring this vision to life.”
Credit: Willo Homes