To many people Salford once brought to mind red-bricked terrace houses. Lowry’s matchstick men paintings and industrial cotton mills. Yet in recent years the city has undergone a staggering transformation and as a result has this week been revealed as Britain’s fastest growing property hotspot.
According to figures from property website Zoopla, reported in The Telegraph, house prices in Salford have grown by 12% in the first six months of 2014 with an average property now priced £138,619. This increase makes it the city with the fastest growing property prices in the country – a fact partly attributed to a multi-million pound transformation of the once thriving docklands.
The regeneration of Salford Quays, located less than 2km from Manchester city centre, has been described as one of the country’s most ambitious urban regeneration projects. While the Lowry arts centre and the Imperial War Museum North have acted as catalysts for much of area’s success the pinnacle of the Quays’ regeneration is without doubt MediaCityUK, which saw 3,000 BBC jobs move to Salford in 2012, and more recently the relocation of ITV and the iconic Coronation Street set.
While there are is an abundance of apartments in the Quays they’re typically priced in the region of £250,000 for a two-bed with extra charges for parking. However a lesser known regeneration project has been ongoing just a few hundred metres east in the once troubled Ordsall council estate.
LPC Living, the developer owned by the Pervaiz Naviede Family Trust, have invested more than £100m in the 180 acre estate was historically seen by few as an attractive place to live thanks to issues with anti-social behaviour, high crime and health inequalities. Here buyers will find similarly sized homes starting at less than £110,000 or a spacious three-bed townhouse with garden for around £150,000 and all with parking included as standard.
By working with local residents to truly understand the estate’s issues the company has helped deliver transformational change through the creation of more than 600 affordable homes, a mixed-use retail and leisure destination and more than 250 jobs for the local community. A raft of environmental improvements have also been made in the area’s green spaces, parks and footpaths.
Simon Ashdown, director at LPC Living, commenting on the Zoopla research said: “In the past Salford was often seen as the poor relation of Manchester with many people previously unconvinced about what the city had to offer. However, once people start looking at Salford close up they’ll realise it’s an amazing city with an abundance of green spaces, a striking waterfront, unrivalled cultural gems and superb transport links”.
“With these latest figures it would appear homebuyers are fast coming around to what Salford has to offer and choosing it as a place to call home. With around 4-500 homes in the pipeline for Ordsall we’re confident that we’ll continue to cater for first-time buyers and families looking for value.”