It is the perfect solution to anyone priced out of Manchester’s red hot property market... but you need to get there quick.

A small army of house hunters are expected to queue outside Ancoats on Saturday to vie for one of a number of homes in one of Manchester’s oldest buildings - which have been put aside especially for people who want to work and live in the city.

In a bid to remove investors’ grip on the city market, a number of flats in Crusader Mill, which dates back to the 1830s, are only being sold to local people who are searching for a home rather than an attractive investment.

The scheme’s developers, Capital and Centric, are selling the first 20 properties, off-plan, to people desperate to live in the city.

But with 500 people have already expressing an interest, you will have to get down early.

The M.E.N reported, earlier this year, on the extreme lengths people are going to to secure a home in the city centre.

Investors, many based overseas in the Middle and Far East, have skewed the market - with some choosing to ‘mothball’ their assets, leaving them empty instead of renting them out.

But Tim Heatley, from Capital and Centric, said his company was determined to change the trend. He said: “We are a Manchester company and we have a team of people that is quite tuned in to what is going on in the city.

“Something that has been clear to us is the number of people that can’t find a place to buy in the city centre - it’s a real shame that people who want to live in Manchester just can’t do that.

“Flats are going to overseas investors who buy them as some sort of play thing. This just doesn’t create the right kinds of communities, especially in new, hidden areas of Manchester and we want this to be a vibrant part of the city for years to come.”

It comes after buyers in Manchester have reported the struggle to find an affordable property.

Earlier this year, we reported on how city centre worker Brin Gleeson, 28, was forced to bid on a property without having seen it after a year-long attempt to buy a house.

Manchester’s investment boom - with property rises exceeding growth in London this year - has reportedly seen whole developments snapped up by buyers from overseas.

When complete the historic Ancoats mill will comprise 201 modern, trendy apartments, including 126 lofts, which will surround a large courtyard.

According to the developer, none of the 201 apartments will be advertised overseas or to investors.

Instead they want Crusader to be a catalyst for a new city centre community.

Adam Higgins, the co-owner of Capital and Centric, said: “When I moved to Manchester 20 years ago, the obvious place to go was Didsbury, now, arguably, the city centre it where it’s at.

“And I get it completely, when you have things like the Northern Quarter on your doorstep, why wouldn’t you want to live here?”

“But it’s becoming a massive problem for the people who actually live and work here to get a quality city centre apartment. If we force these people out of the centre, we’re going to be left with a completely broken community.

“We’re not interested in selling to overseas investors. The people that want to call Manchester home will be able to get in before anyone else.”

The event starts at 10am and will run until 4pm.

Prices for the apartments start at £165,000, and buyers can reserve theirs for £500, on the day.