Decision details

Purchase of Apartments

Exempt report of the Corporate Director (Housing and Communities) on the purchase of property as part of the Council’s Affordable Housing Programme.

(1)        The Decision Taken

RESOLVED:

That subject to the Council’s approval of the Affordable Housing capital programme in February 2019 and to confirmation of the valuation by the independent valuer, the Cabinet approves the purchase of the development identified in the exempt report for the agreed price which would also be subject to satisfactory due diligence. 

(2)        Reasons for the Decision

The opportunity had arisen to purchase a development of new build apartments as part of the Council’s Affordable Housing Programme.

The Council was facing a rise in homelessness and demand for housing was on the increase, for social rented homes and intermediate (sub-market) housing products. This had been the finding of a specialist report commissioned by the Council on affordability and demand in the Borough. The Council therefore needed to secure additional housing.