The cabinet of Ealing Council has agreed to a £150m package to purchase homes. The purpose is to ease homelessness within the borough. This move came about due to the level of homelessness spiking in the area. More people than before are looking to the council for aid. We want to take a closer look at this, then if you need help with property management in Ealing, you can come to us.

Why is it happening?

With interest rate jumps, numerous landlords are choosing to put prices up or sell. As a result, many individuals are facing homelessness. At a recent cabinet meeting, Cllr Shital Manro said that the figures were threatening to overwhelm the council’s budget. They had to take decisive and fast action to solve this problem.

Cllr Manro presented the acquisition plans to his colleagues. He said that any purchase the council made would need to be ‘financially sound’. Revenue from the rents would then cover the costs with time.

Temporary housing and its costs

Explaining the problem facing the council, he said the cost of homelessness was huge. To give an example, using hotel rooms cost them £4,000 monthly. That’s nearly £50,000 a year. At present, they’re using 169 of them so it is a big drain on funds.

Another thing the council is currently doing is utilising 389 bed and breakfasts. They need them for temporary housing, costing £1,300 at a time each month.

Cllr Manro told the cabinet that the overspend from such accommodation might reach £5m if they didn’t take action. If you’re looking to use the foremost services for property management Ealing has, let us know.

Buying properties

This plan means the council would end up increasing their housing stock. So, those people struggling at a chance of gaining quality housing would be better off.

Cllr Manro stated that he and his peers have received emails originating from distressed families. These are ones that have had to move between hotels with their children each week. He also said that this wasn’t the life they want for their residents.

Manro’s colleague, Cllr Bassam Mahfouz, added that almost half of private rentals have been removed from the market recently. They laid the blame solely on the Tory party and Liz Truss’s government. Speak to us about property management in Ealing.

Support for those who need housing

Within the borough of Ealing, of the homes that are on the market, only 1 in 50 would be able accessible to low-income families. It’s also the same for those depending on housing benefits.

As part of the proposal to invest in properties, the council aims to establish a housing resettlement team too. It will help those in need of support with finding a new house.

Leader Peter Mason gave the plan praise. He pointed out that it made sense financially. Moreover, he spoke of the £7.5m purchase of Aspect House. This supplied 31 units the council is now able to employ for anyone struggling with housing.

The council is in a good position to buy up properties. There is money and grants from entities like the Greater London Authority. In addition there have been dips in foreign speculation in London’s housing market. As a result, they can gain homes at a massive discount.

We’ll work with you if you need property management in Ealing

At Finefair Ltd, we are the kind of team that likes delivering fresh ideas and taking innovative approaches to our work. We’ll be able to help you identify what works and what doesn’t. What’s more, we can adapt the services to meet your individual needs.

So, if you’re after the finest services for property management Ealing has, talk to us today. We can arrange everything for you.