The Homes for Lambeth group of companies were established so the local council could play a more active role in creating housing in the Borough. The aim is to develop a range of properties in the area, including homes for council rent, intermediate, and market level. There will also be opportunities to sell at market rate.
In January 2018 it was revealed that Lambeth Council was taking the first steps to providing funding for the new group of companies. It is looking to lend an additional £300million to trigger the first phase of development. This will see work done on three existing council estates in the Borough; Knight’s Walk, Westbury, and South Lambeth.
As well as considering allocating the funds the council also took the time to consider what will be necessary for the project to be successful. They pointed to a need for sound financial management, particularly because Homes for Lambeth is a new company. Pressure will be on because a lot of development activity is expected in the first year of operations. There is also the risk to consider because the companies don’t have any existing assets.
If the first phase of development is successful, work will expand to three more estates, taking the total to six. This could see the creation of numerous new homes and improvements in existing ones.
At Finefair we are always excited to see innovative moves in the property market, especially by local authorities. As a leading source of guaranteed rent Lambeth investors and landlords can rely on, we know how important this is. Any homes created and made available for purchase could become attractive prospects, especially in an area that is growing in popularity.
If you are an existing landlord looking to secure your rent, we can provide the right service for you. Alternatively, if you are a new investor looking to make a purchase, we can offer advice and go over the options with you. In both cases clients can rely on us to focus on their best interests.
To learn more about why we are the best for guaranteed rent Lambeth has to offer, please get in touch. Finefair is an approachable team and delivers great customer service.