£27m to boost homes market

Rochdale was last night guaranteed £27million to help revitalise the housing market in key areas and restore stable communities.

The cash is part of £350 million that will be made available to the nine Pathfinder areas — including the Oldham/Rochdale scheme — under the housing market renewal programme (HMRP).

The money will be available from April to fund the refurbishment of properties, to improve the quality of housing stock and bringing people and services back into areas which had become disconnected with their neighbouring communities, ministers said.

Housing Minister Iain Wright said: “The Pathfinder scheme is making a big difference in transforming local communities and housing markets in areas in need of regeneration.

“They have built up significant intelligence on housing markets in their areas, and this will prove invaluable in helping to stimulate the local economy.

“In difficult economic times, it is vital that we focus more on achieving value for money for the taxpayer.

“Basing part of the Pathfinders’ funding on their performance over the year provides a real incentive for these organisations to ensure they are focussed on delivering the maximum benefits for their local communities.

Director of investment and renewal at the Homes and Communities Agency, Richard Hill, said: “Pathfinders are the best means for leading the response to tough housing market conditions in their locations.

“They are well placed to do this and we have seen significant achievements already in areas such as supporting first time buyers and investing in neighbourhood management.”