Magazine article Public Finance

Government Grants Help Landlords Buy Empty Homes

Magazine article Public Finance

Government Grants Help Landlords Buy Empty Homes

Article excerpt

Private developers are joining social landlords in using government grants to buy up unwanted homes, it has emerged.

A total of £4m has been allocated to three developers by the Housing Corporation since July, at the same time as £66m went to housing associations. The money is used to buy empty homes that were built by private firms before the mortgage crisis.

To qualify for grants, developers must be recognised 'investment partners' and also eligible to receive house building grants. A corporation spokesman said it was possible that the homes would be sold on to registered social landlords to manage.

On October 28, the Financial Services Authority revealed that mortgage lenders repossessed 1 1,054 homes during the second quarter of 2008 - up 71% on the same period last year.

The dramatic increase in repossessions is leading to longer housing waiting lists as councils and registered social landlords struggle to find homes for needy families. …

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