At the start of the month Hillingdon Council released its budget, setting out big plans for the coming years. We want to have a closer look at this today because they will be investing millions in various key areas. It could have a massive impact on the area. Then, if you need help with property management in Hillingdon, you can speak to us.
Spending
In total Hillingdon Council is planning to spend £248m in the next five years. This money will help to improve the infrastructure, schools, local amenities, and more. The Conservative local authority hopes the plans will deliver the best benefits for locals.
To give a breakdown of the biggest beneficiaries of the spending, it will include:
- £42m for roads and pavements so it improves the local infrastructure
- £23.3m for a new Water Sports and Outdoor Activity Centre
- £18.2m to do conditioning works on school buildings
- £16.7m for West Drayton’s Platinum Jubilee Leisure Centre
- £14.8m so the council can invest more in digital technology
- £11.7m to create more school places as well as additional facilities for special education needs
- £10.7m for adapting council homes for residents
- £10.5m so they can improve care home capacity
- £7.5m to enhance parks
Financing
The council also set out how they will fund this massive investment in the local area. This will have an impact on locals, investors, and businesses. If you invest and need property management in Hillingdon, we can help.
One contributor will be an increase in council tax and a levy for social care for adults. It will mean an increase of 4.99% (2.99% for core council tax plus 2% for the levy). This will be the second smallest rise in Outer London.
In addition, there will be an increase in business rates in Hillingdon. They will go up by 5%.
Another source of finance will be selling off surplus assets. Over the next five years they plan to sell £75m of them. However, they specified they will only look to sell those that are “not financially productive”.
The council will also borrow money to help fund the investments. The budget lays out £63m in capital borrowing over the next five years. Hillingdon Council has quite low levels of debt at the moment, so this is a viable option.
Finally, there will be financing from a number of other sources. For example, there will be money from government grants. Plus, the council has several strategies to save money so they can invest in these key areas. If you have investment properties in the area and want to save, our services for property management in Hillingdon can work for you.
Next steps
The budget has approval from the council, even with concerns from the opposition. Labour was worried about selling off important assets, particularly things like Barra Hall. They also had worries about incurring too much debt from borrowing when the council has relatively small reserves.
An interesting thing here is the budget will complete the West Drayton leisure centre. There have been serious issues with the project, particularly with the developer entering administration. However, the additional finance will see completion of the work. The goal is for it to be ready by summer 2024.
Get reliable property management in Hillingdon
Finefair Ltd is a knowledgeable business with the skills to help all kinds of investors. We can provide bespoke services such as guaranteed rent, block management, and more. With us you can get impressive financial rewards and organisational benefits.
So, if you want property management in Hillingdon, contact us. We’d be happy to look at the options, your assets, and ensure you get the right service.
