The affordable flats that could ‘disappear’ from a major town centre development

manchestereveningnews.co.uk:

Fears have been raised that dozens of affordable flats planned for a major housing development could ‘disappear’ within five years.

Housing association Great Places wants to build 73 ‘rent-to-buy’ apartments on a former car wash site in Stockport town centre.The one and two-bedroom homes would be spread across two adjoining blocks on disused land at King Street West - part of the regeneration zone overseen by the town’s mayoral development corporation (MDC).

These would be let to working households at a discounted rent, giving tenants the opportunity to save for a deposit to buy their first home.

After five years they are offered the opportunity to purchase their apartment outright, or can increase their share in it over a longer period of time via a process known as ‘staircasing’.