Thursday, 2 August 2018

New Council House Building Programme Set To Be Overwhelmed By Demand In London


The government’s programme to give councils extra borrowing capacity is set to be totally overwhelmed in London, with the majority of the capital’s town halls readying large bids. Ministers have agreed to give councils in areas of “high affordability pressure” across England £1bn of additional Housing Revenue Account (HRA) borrowing headroom, with half the money reserved for those in the capital. Of the 28 London boroughs with HRAs, all but seven confirmed they are intending to bid by the 30 September deadline. Inside Housing understands that two local authorities alone are gearing up to request around £350m between them. Read more on Inside Housing.

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