Housing Context Sample Clauses

Housing Context. Local: After an extended period of stagnation and decline the housing market in many parts of Pennine Lancashire has turned a corner: attractive areas such as Barrowford and Rawtenstall are flourishing, with high demand and high values. These have potential for early growth and demonstrate how the Pennine Lancashire market could develop. In other parts of the area, however, problems persist. The unusual structure and imbalance of the market is well documented. High and persistent levels of vacancy and dereliction are exacerbated by high levels of social and economic deprivation in many neighbourhoods. Achieving higher levels of sustainable demand will require a stronger economy to drive medium term demand. The ambitious Pennine Lancashire Economic Strategy will deliver this through new investment and skills/employment development. Pennine Lancashire must shape the future housing market to underpin the economic interventions. It must provide the homes and neighbourhoods that higher value workers demand, whilst continuing to address neighbourhood regeneration. The two parts of this approach must be delivered simultaneously. The Pennine Lancashire Housing Strategy [PLHS] has been developed specifically to deliver growth and regeneration. It aims to promote both economic competitiveness and inclusion by accelerating areas of growth, whilst addressing housing and neighbourhood regeneration arising from market failure in the land, labour and housing markets. It provides a framework for the six local housing strategies. A central element of PLHS is the concept of a Housing Market Progression Model [MPM]. This Model is a way of designing and targeting housing interventions to make sure they are informed by market conditions, and are designed to deliver neighbourhood regeneration and growth. It uses a diagram to express the range of conditions in the market, from those with low income and high need, to those with high income and lots of choice. It diagnoses which interventions are most appropriate for each type of market. In this way, interventions can be co-ordinated across the whole market area, ensuring maximum impact and value for money. Efforts to secure growth will focus on linking new development and other interventions with increasing prosperity. Regeneration activity will focus on enhancing the intermediate housing offer so that it better addresses affordability and becomes an option of choice, as well as ensuring sustainable neighbourhoods. The MPM represen...
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