Housing market downturn puts Egremont regeneration scheme under threat

Oct 22 2008 by Lorna Hughes, Wallasey News

A REGENERATION scheme in Egremont is under threat as the falling price of houses across the region hits developers.

Cosmopolitan Housing planned to develop a site off Rice Lane to provide a mix of starter homes for first-time buyers and homes to rent.

Cosmopolitan is now reviewing the proposals and is warning that the starter homes may no longer be viable.

The scheme is for 36 new homes - 18 of which would be shared ownership and the rest rented.

A report to Wirral Council suggests that a lack of mortgage credit, together with a downturn in the housing market is to blame.

Wirral Council said it remained committed to working with Cosmopolitan and local councillors to progress the development and was looking at alternative options.

Egremont councillor James Keeley said: “The area has been promised so much by way of regeneration and housing development, but so little has been delivered.”

Geoff Redhead, Cosmopolitan Housing Association’s chief executive, said: “We are working with our partners at Wirral Council to explore an appropriate mix of properties for rent or sale to ensure that we are able to deliver on our commitments to the Egremont community.”