Central London borough £4m up after selling off council homes
Published by Jon Land for 24dash.com in Local Government and also in Housing
Local authority £4m up after selling off council homes
A central London local authority has auctioned off eight "dilapidated" council houses for over £4m.
Hammersmith & Fulham Council says the funds will now be ploughed into other housing schemes across the borough.
The council explained that the properties were in such a poor state of repair that it would not have made economic sense to repair them back to a state fit for letting.
The council currently has 4,500 registered people who are interested in buying low-cost homes in the borough.
It recently announced that it intends to build up to 500 new homes on its own land over the next ten years to meet some of the demand.
Cllr Andrew Johnson, cabinet member for housing, said: “By putting these dilapidated homes under the hammer we have received far greater than their market worth. This is a fantastic deal for our existing tenants as the proceeds can be spent improving our existing stock meaning that we do not need to increase our rents disproportionately.
“This borough has the fourth highest house prices in the UK, with first time buyers requiring a deposit in excess of £50,000 to buy a house. The council is committed to redress the balance and the proceeds of this sale will also help us to build more of our own homes for local people looking to fulfil their housing dreams.”