Council gets nod to buy back 60 homes to ease waiting list
Approval has been granted to buy back 60 homes in the city to help people waiting for council housing.
Nottingham City Council plans to acquire many properties previously bought by tenants under the Right To Buy program, offering discounts for council houses.
Funding for these 60 properties will come from the Housing Revenue Account and government funds obtained from previous council house sales.
The latter funds are earmarked for affordable housing provision, covering up to 40% of each purchase.
Starting in May of this year, the council will actively seek out properties that match the needs of those on the waitlist, primarily focusing on two and three-bedroom houses, bungalows, and various types of flats.
Councillor Jay Hayes, Nottingham City Council Portfolio Holder for Housing, said: “We’re not restricted to only buying former Right To Buy homes, but they are our prime target. By law, anyone selling a property that they’ve bought through the scheme in the past 10 years has to give the council first refusal if they decide to sell.
“Having said that, we’re also keen to explore options in terms of homes built by private developers on smaller new-build sites – if those sites are in the right locations for us. The investment in these homes will allow us to reduce the number of people on the waiting list and help increase the number of council homes we can let at rents people can afford across Nottingham.”
The plan was deliberated during a meeting of the council’s Executive Board on Tuesday 14th February.
