Landlords in Manchester could soon be on the receiving end of a £300m property buy-out, should Andy Burnham succeed in his bid to become mayor of Greater Manchester.
The buy-out could come as soon as 2017, when the next mayor will be elected. Burnham has been confirmed as the Labour candidate, and seems to be intent on reducing the number of private landlords in the area.
The new mayor will be given a £300m housing fund, and Burnham is clear on how he intends to spend it.
His major gripe is with what he terms ‘absent landlords’ - those who own and let property in the area but live elsewhere.
And he plans to use the acquired property for public housing stock, also pledging to set up a Manchester ‘rent-to-own’ scheme as a way to tackle the city’s homelessness problem.
Speaking on the issue, Burnham said: “We can set ourselves apart on our approach to housing. Our goal should be an affordable home for everyone - to rent or to own - and an end to the homelessness that blights our city region.”
Buy-to-let in Manchester
Burnham’s fight against private landlords could be a tricky one, however.
Manchester is currently rated as one of the best buy to let areas in the UK with average rental yields of six per cent and above.
And it seems plenty more landlords are looking to to invest in the area - in a Simply Business poll of over 2,000 landlords, 43 per cent believed that the North West was the best place to buy-to-let in the UK.
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