Council to buy homes outside of borough

August 5, 2015

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.

You May Also Enjoy

Love or Hate Rightmove
Breaking News

Rightmove asks government to consider retaining first-time buyer stamp duty threshold

New analysis shows only 37% of homes for sale will be eligible for first-time buyer stamp duty relief in England come next April, down from 58% of homes that are currently eligible Currently, a first-time buyer pays no stamp duty on properties up to £425,000, but this is due to drop back to £300,000 from…
Read More →
Estate Agent Talk

5 Steps to Becoming the Best Estate Agent in Your Town

Are you passionate about your estate agency and want to become the most noted estate agency in your local area? Finding a family their dream home can feel like the greatest accomplishment, and can be extremely rewarding. In order to become the best estate agent in town, here are some top tips for success. 1.…
Read More →
Breaking News

Breaking Property News – 25/07/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Latest property data trust framework helps digitise conveyancing The Open Property Data Association (OPDA) has released the newest version of its property data trust framework which, among other benefits, will help key conveyancing information to be provided digitally. It will be easier for consumers to…
Read More →
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Matt Smith, Rightmove’s mortgage expert said: “We’ve seen average mortgage rates drop at a pace not seen for a while this week, faster than many expected as lender competition hots up. The first sub 4% rate for those with larger deposits and prepared to pay a higher fee is the headline-grabber, but we’ve also seen…
Read More →
Coastal and sea front property
Estate Agent Talk

Why You Should Invest in Herne Bay Property

Herne Bay, a charming coastal town in Kent, is fast becoming a hotspot for property investment. With its picturesque seafront, vibrant community, and excellent transport links, Herne Bay offers a wealth of opportunities for property investors. If you are considering a property investment and looking for estate agents in Herne Bay to guide you through…
Read More →
Breaking News

Breaking Property News – 24/07/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   The recent UK election, with a new Labour government, is set to have significant implications for lettings. As housing is a devolved matter in Wales, local governance and devolution will play a crucial role in shaping this sector. Williams & Goodwin The Property People,…
Read More →