Redbridge Council plans to spend £45m buying and refurbishing 150 homes to 'quickly increase affordable housing stock'
PUBLISHED: 07:00 24 October 2019
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Redbridge Council plans to boost its affordable housing stock by spending £45million on 150 family homes.
The council plans to create a rolling purchase and repair programme and acquire 150 homes over three to four years either on the open market or through buying back former right to buy properties from leaseholders who want to sell.
The proposal is to buy and refurbish a mix of two and three-bedroom properties averaging £300,000 each, totalling £45million.
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Due to rising temporary accommodation costs, high rent levels in London and welfare benefit changes, the council needs to look at a variety of ways to address low affordable housing stock, the report says.
The programme will support the council's housing strategy to deliver 1,000 affordable homes by 2022 and enable the council to purchase properties quickly and "contribute towards the creation of mixed communities".
The ongoing cost of repairs and maintenance would be offset by income from the properties which will be set at affordable rent levels and the purchase of the properties may also help contribute to savings in the council if some families in temporary accommodation are able to be relocated, the council said.
The cost of the purchase and repair programme is "affordable" within the housing revenue account business plan.
The proposals will be presented to the cabinet on October 31.