Council Sells Homes to Fund Building

Islington Council is to pilot a shared ownership scheme designed to raise income to fund new social housing. The authority is planning to sell 10 bedsit and one bedroom properties for a minimum share of 40 per cent or £80,000 per property. If the scheme is successful the authority will expand the scheme, to raise £4.8 million annually by selling 60 homes a year. Existing social housing tenants will be given first priority when applying for the scheme. Read more on Inside Housing.