Plan to find more cash for housing

MONEY made from luxury city centre skyscrapers could be used to build social housing and seize slum properties from rogue landlords, under radical new plans.

The idea is being pushed by Salford mayor Paul Dennett as council leaders across the region grow increasingly alarmed by the housing crisis.

It would mean that the returns on loans given to developers - who are largely building around Manchester city centre - being used to help provide nore genuinely affordable, and decent, homes.

Greater Manchester’s housing investment fund, agreed under 2014’s devolution deal, has so far concentrated on providing loans for market-rate housing, particularly large residential schemes in the city centre. To date it has generated a £2m surplus due to the interest paid by developers, with a further £10m expected in the next three or four years.

Salford mayor Paul Dennett, who leads on housing for the conurbation, has now drawn up a new set of priorities for the money. He believes it should be spent on tackling the lack of genuinely affordable - and decent - housing in the region.

Pointing out Greater Manchester’s social housing stock has shrunk by 5pc since 2012 at the same time as waiting lists and homelessness have soared, he says detailed plans are now needed.

He is proposing to spend £350,000 of the surplus drawing up ‘concrete proposals’ to build new social housing.