United Utilities received over 150 calls from homes and businesses in the PR2/PR3 area reporting no or poor water pressure following the incident which happened at around 5am this morning.
An update from the company at 10.30 has confirmed that work to reconfigure the supply network has been successful and that some properties can expect to have their water supply re-established by lunchtime. All homes should have access to water later in the afternoon.
Sherwood Primary School and St. Clare's Catholic Primary School have been closed as a result of the problem.
A spokesman for United Utilities said: "We're pleased to report that our work to reconfigure the supply network has been successful and some properties can expect to have a water supply by lunchtime. All other properties will have access to their water supply later in the afternoon."
"Our priority is to get the pipe repaired but this is looking to be quite a big job.
"Affected people who we know may have difficulties accessing water supplies on our Priority Services Scheme will be provided with bottled water.
"We’re sorry for the trouble this may be causing you and we will get your taps flowing normally again as quickly as we can."