Liverpool council to set up firm to build 10,000 homes

Aaron Morby 1 year ago
Share

Liverpool City Council is to establish its own ethical housing company to deliver 10,000 new homes across the city.

The Mayor of Liverpool hopes the new business, called Foundations, will shake up the city’s housing market and accelerate the rent to buy sector over the coming decade by offering packages that take a percentage from rent towards a deposit.

Fuelled by a £500m investment programme Foundations will develop council-owned land and refurbish vacant stock boosting council tax receipts.

Profits from both house sales and rentals will be returned to the council, as the only company shareholder, with a percentage reinvested in new stock.

Mayor Anderson said: “With a lack of government support Foundations is the only logical step. We have stock that can be refurbished and we have land that can be built on so once the company is established we can hit the ground running.

“This will be a win-win for everyone as the council will be able to increase Council Tax, influence the quality of the housing and support people who want to buy by turning rent into a deposit. This company has more than just a social value, its business model also stacks up as a serious investment in the future of the city.

“As we’ve shown through the purchase of the Cunard Building, which now generates £2m a year for the council, our invest to earn strategy works and profits from this new company will also be reinvested into council services to offset the damaging cuts this city has experienced these past seven years.”

The new housing company, which is expected to create 2,000 new jobs, will be ratified at the next full council meeting in January 2018.

Foundations delivery plan

  • Bespoke new housing for people who want to downsize, releasing larger homes for families.
  • Filling a significant gap in the city for larger homes
  • New homes in supported environments for the homeless, rough sleepers and those with addiction problems.
  • Affordable rents that help people save a deposit to buy the house they rent
  • Adaptable housing which suits those with disabilities or changing needs due to their age; or can be easily converted in the future, saving the council in social care costs.

Latest news

Interserve shares collapse as rescue talks continue

Shares slump to all-time low as firm now worth under £13m
10 hours ago

Forrest falls into administration

Construction and housing divisions to cease trading while Engie buys refurb and energy contracts
3 days ago

Wates chief draws up first best behaviour code for private firms

Wates Principles to raise corporate governance standards at private firms
1 hour ago

Plan for Bristol Finzels Reach £140m phase 2

Former Avon Fire and Rescue HQ to be transformed with 300 homes and offices
1 hour ago

Labour calls for public contract bidding ban on Interserve

Shadow minister demands action to protect taxpayers
2 hours ago

£750m East of England framework out for rebid

Construction work to be broken into four project value bands
1 hour ago

Lakehouse staff let go as subcontractors quit sites

Workers made redundant and suppliers leaving sites just months after sale
3 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
7 months ago

Kier scores November contracts league double

£300m London luxury flats project extends Kier's lead at top of annualised league
3 days ago

Green light for £300m Norwich mixed used scheme

Weston Homes to build 1.2m sq ft scheme creating a "Covent Garden" style urban quarter
3 days ago

Former Kier boss joins McCarthy & Stone

Nigel Turner to lead drive to reduce construction costs
3 days ago

Vermont replaces Forrest on £100m Liverpool site

Elliot Group moves quickly to secure new main contractor as existing site team taken on
4 days ago

Bristol contractor goes into administration

Majority of 50-strong workforce at Helm Construction made redundant
4 days ago

Kier drops out of FTSE 250 as share price dives

Shares trade below discounted rights issue price
4 days ago

Betting Spy: No Arnie no problem for West Ham

West Ham and Man City to land 3/1 double
3 days ago

36-hour Hinkley Point concrete pour releases £70m

BYLOR achieves key concrete raft milestone in 2,500 cu m pour
4 days ago

Murphy major projects chief joins Galliford Try

Sean Blackmore to lead expansion in the rail market
4 days ago

Multiplex Europe MD shifts to non-exec role

Ross Ballingall moves on after eight years heading construction business
4 days ago

MPs demand end to late payment and retentions reform

Hard-hitting select committee report demands end to cash "stranglehold" imposed by big firms
5 days ago

Network Rail awards first CP6 contracts

Story Contracting and AmcoGiffen win Scotland North East building and structures renewals
5 days ago

Former Atkins chairman replaces Terry Morgan at HS2

Allan Cook takes reins at HS2 while hunt starts for Crossrail chairman
5 days ago

Construction aims to attract more ex-offenders

Construction firms sign-up to major new training drive to plug skills gap
4 days ago

Proline Group hit by fall-out from Forrest

Building services specialist fights for survival after bills go unpaid by main contractor
5 days ago

Hunt for smart motorway trio to deliver £7bn plan

Highways England starts hunt for smart motorway alliance partners
5 days ago

VolkerFitzpatrick wins £20m combat systems hub

Work to start on Portsmouth defence systems academy early next year
5 days ago

Fusion21 starts hunt for £800m building framework partners

Firms have until end of January to complete early bid submissions
5 days ago

Flying concrete from blocked pump kills worker

Specialist contractor and director fined after worker dies two months after joining firm
5 days ago

Peel plans five resi towers at MediaCityUK

Michigan Avenue scheme will boast MediaCity's tallest tower
5 days ago

ISG lands £70m refurb deal for Canary Wharf tower

Former home of the Financial Conduct Authority to be completely revamped
6 days ago

Manchester Met Uni seeks firms for £60m engineering faculty

Project will include 145,000 sq ft new-build and revamp of existing facilities
5 days ago

Contractor services