More affordable homes

There have been news articles, reporting that Councils such as Elmbridge Borough Council are not spending money allocated to them for affordable housing. Elmbridge Borough Council is committed to delivering affordable homes in Elmbridge and has issued the below statement –

“Elmbridge Borough Council has just over £4m collected from developers which has already been committed to the provision of affordable housing in the Borough.  This funding is set to deliver at least 29 affordable homes across six projects.  We anticipate that most of the money will be paid across within the next 12 months and all will have been spent by March 2020. 

“In addition, the Council has £6m of developer contributions which has not yet been allocated.  However, there are currently two projects under active discussion for a large proportion of these funds. On most projects, the committed funding will only be payable once the homes have been built or acquired and are ready for occupation so it is normal for money to be held “on account” pending scheme completion.

“The average house price in Elmbridge is over £760,000 and there are critical issues of land availability so the expenditure of these funds has to be carefully managed in order to secure as many affordable homes of the right type as possible.”

Related article

Elmbridge Borough Council to establish housing company to deliver more affordable homes.

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