Issue - meetings

Report attached separately.

This item was Chaired by Diana Minns (Vice-Chair)

Matter for Decision

The report sought approval to re-market the shared ownership housing using new valuations and a different marketing agent, exploring creating a show flat  and reducing the level of rent which the City Council would charge for the unsold equity.

Decision of Executive Councilor for Housing

Resolved unanimously:

     i.        To approve that the rent to be charged on the unsold equity (the proportion of the dwelling retained by the Housing Revenue Account) be reduced from 2.75% to 2.25% for all units at Virido, Clay Farm.

    ii.        To note the decision by officers to re-market the unsold shared ownership homes at Virido, Clay Farm using the latest market valuations for the shares to be sold, employing a new agent to market and sell the homes and using a show flat or open day, as advised by the successful sales agent.

   iii.        To approve that if after 3 months of active re-marketing, homes are still not selling; delegated authority is given to the Strategic Director in consultation with the Executive Councillor for Housing, to explore, and if appropriate, convert the homes to affordable rented accommodation.

Reason for the Decision

As set out in the officer’s report.

Any Alternative Options Considered and Rejected

Not applicable.

Scrutiny Considerations

The Committee received a report from the Principal Accountant. The report referred to the need to re-market the shared ownership housing using the new valuations, using a different marketing agent, exploring creating a show flat  and holding an open day and also reducing the level of rent which we would charge for the unsold equity.

Councillor Cantrill informed the Committee that he welcomed the concept of price adjustment. It had been recognised that along with the need of social housing there was a need for key workers who worked in the city to purchase property. He suggested that the exploration to convert the homes to affordable rented accommodation should begin alongside marketing the homes for sale. 

The Executive Councillor confirmed that exploratory work would begin in parallel with the marketing of the properties to avoid them being voids. 

The Committee resolved unanimously to endorse the recommendations.

The Executive Councillor for Housing approved the recommendations.