Councils across the UK are doing different things to help improve homelessness. Newham Council recently announced a new plan to achieve this. We want to have a look at it below to see the kind of impact it could have. Then if you need help with investment properties in Newham, you can rely on us.

Buying properties

What the local authority will do is start purchasing homes from private landlords to stop evictions. The idea is the council will buy the properties, add them to their social housing collection, and prevent the eviction. It will protect the tenants so they don’t become homeless.

Initially the council is allocating £20m for purchases. They will use the money to buy 44 homes with values up to £450,000 each. The rest of the funds will then pay for refurbishing works to improve properties if they need it.

The issue

This new plan will hopefully go some way to helping tackle the issue in the area. Newham Council officially has the biggest number of households living in temporary accommodation in the UK. In total there are 5,878, with an incredible 3,193 currently living in properties booked per night. These are extremely expensive for the council, resulting in a £2m hole in their homelessness budget.

The situation could worsen too in the coming months. Around 350 landlords in the borough are giving notice to tenants that currently live in short term rental accommodation. They are in the process of deciding what to do with their investment properties in Newham. For example, some may be looking to sell. As a result, even more households could end up homeless.

The Council is doing a variety of things to address homelessness. As well as the new plan, they are looking at purchasing and building more housing to boost the supply of social homes in the borough. The goal is to ensure there are more properties available for the most vulnerable residents.

Leading the way

Newham Council’s plan is a great idea and would benefit all sides. It is also inspiring other councils to look at similar ideas. For example, Lewisham Council is planning an even larger scheme. They are committing to buying 300 homes, with values up to £600,000. These will be a mix of one, two, and three bedroom properties.

Do you need help with investment properties in Newham?

Finefair Ltd has a wealth of experience with various assets. This includes houses, apartments, blocks, and much more. As a result, clients can rely on us to help manage them, arrange guaranteed rent, and provide many other services. We offer flexibility and great value for money.

So, if you want any help with investment properties in Newham, you should speak to us. We’ll discuss your needs and find the right services to cater for them.