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Only 30 homes to be completed in Manchester this year

A new report says that only 30 residential properties will be completed in Manchester by the end of this year, down from more than 2,000 in 2009.

Drivers Jonas Deloitte’s annual Manchester Crane Survey said that would be down from 2,050 in 2009.

The figures come despite the volume of sales gradually increasing in the first quarter of 2010.

A similar level of inactivity will be witnessed in the office market, with just four new builds scheduled for completion - less than half the number finished 12 months ago.

While fewer schemes will be opened, the availability of office stock remains high, the survey claimed, prompting suggestions that rental prices could fall in the near future.

The consultancy said it hoped that a combination of Government investment, such as Homes and Communities Agency funding for two stalled housing projects, and private sector initiatives in life sciences and bio-medical research would stimulate market growth in the next 12 months