Council to buy homes outside of borough

The Royal Borough of Kensington and Chelsea has created a £10 million fund to buy up homes for temporary accommodation in cheaper parts of the country, it has indicated that the money will be used to purchase a significant number of high quality homes in and around London, M25 area and southern counties of England.

The council reportedly said it is looking to purchase privately owned properties to a maximum value of £450,000 which would include 2 and 3 bedroom homes, this is expected to happen from the autumn onwards, with the first household moving in during March 2016.

Council leader Nick Paget-Brown reportedly said: “The reality is we are facing a great shortage of properties in which to house those in greatest need, the pool available to us in the private sector is falling,  with the number of homeless households on our list rising, we believe purchasing our own stock is the right strategy to not only increase supply but contain costs.”

 He also added that “In an ideal world we would like to buy properties in Kensington and Chelsea, but the numbers simply don’t stack up. In reality we could only buy a handful of homes here, but by looking further afield we can purchase significantly more, making a huge difference to those on our waiting list.”

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

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