Money Street News
  • Please enable News ticker from the theme option Panel to display Post

Buy to let portfolio used for housing association tenants

A council that is buying private properties in second home hotspots to let to local people has struck a new agreement with a housing association. 

Cyngor Gwynedd – Gwynedd council – has for three years been buying and upgrading houses to be let to local people through what it calls its Buy to Let scheme. 

Currently, 20 properties have been purchased by the council with another five in the process of completion; ultimately the council wants to buy 100 such homes. 

Now it’s been agreed that the housing association Adra will take on the role of managing the portfolio.

Since 2022 Welsh councils have had the power to charge up to a 300 per cent council tax premium on second homes; Cyngor Gwynedd levied a 150 per cent premium in April last year.

A council spokesperson says: “The housing crisis is still as alive as ever, and the Council continues to act proactively to provide as many opportunities as possible for the people of Gwynedd to live locally through the Housing Action Plan. 

“This new partnership between Cyngor Gwynedd and Adra represents our collaborative effort to tackle this crisis. With the scheme to buy private houses to let to local people, this practical collaboration means that both organisations bring their strengths to the table – combining expertise to find real solutions to the serious housing situation that we’re all facing. 

“Through schemes like these, the council remains steadfast in its commitment to building stronger communities by providing suitable, high quality and affordable homes that improves the quality of lives.”

And Sarah Schofield, Adra’s director of customers and communities, adds: “We will use our expertise to manage the property on behalf of the council, as well as providing affordable housing for local residents … We are in a housing crisis. There is a huge demand for quality affordable housing in Gwynedd, which also reflects the national picture. This proves that by working together, this issue could be solved. It’s clear that collaboration is one of the solutions to tackling housing issues in north Wales.”

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *


Get our latest downloads and information first. Complete the form below to subscribe to our weekly newsletter.

No, thank you. I do not want.
100% secure your website.