The new policy aims to ‘help meet housing needs in the borough and reduce homelessness’
Bury Council intends to re-purchase some of the thousands of socially rented homes it has lost to the ‘Right to Buy’ scheme. The authority said it had lost 5,500 social rented homes to the scheme since its introduction in 1980 and families in the borough faced ‘a chronic shortage of social and affordable housing’.
They intend to introduce a ‘buy back and acquisitions’ policy to purchase homes in private ownership and convert them into social and affordable housing. They said the move would ‘help meet housing needs in the borough and reduce homelessness’.
A report to the council cabinet, said: “There is a chronic shortage of social and affordable housing. “The housing shortage has led to a significant increase in rents and property prices, acutely impacting low income and vulnerable households. The council currently has a contractual right to purchase properties previously sold under the RTB legislation within a specific 10-year period. All properties sold under the scheme in Bury since January 2005 are bound by the right of first refusal covenant.
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