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

Aaron Morby 1 month 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

Skanska UK on alert as group plans 3,000 job cuts

Skanska Group says UK business focus to switch to core markets
3 hours ago

90% of private clients want Carillion to continue working

Insolvency Service update gives hope to suppliers
17 mins ago

Subcontractors left stranded by Carillion “early payment” system

Millions sitting in controversial system may never reach suppliers
5 hours ago

Crunch day for over 8,000 Carillion staff

Carillion went bust with just £29m left and would have been out of cash today
6 hours ago

Balfour tipped for Carillion’s Leeds ring road job

£115m East Leeds Orbital Route contract consolation for Balfour after £45m hit
5 hours ago

Colmore Tang offers early payment to Carillion subbies

Birmingham contractor to speed-up payments to its suppliers hit by Carillion collapse
14 hours ago

Lendlease launches £1.5bn build-to-rent partnership

First £450m tranche invested in private rental build at Elephant & Castle
6 hours ago

Boost your online presence with the new Enquirer Directory

New site for suppliers and buyers will showcase their products, services and latest stories
3 months ago

Government fast-tracks probe into Carillion directors

Business secretary extends investigation into actions of directors and auditors
1 day ago

Race starts for £8.7bn Highways England framework

New approach will allow smaller contractors to take part in regional roads delivery
1 day ago

Supply chain owed £2bn by Carillion

Subcontractors hoping for protection from Project Bank Accounts
1 day ago

Carillion fall-out hits Van Elle and Speedy

Specialist subcontractors start to disclose cost of collapse
1 day ago

Winvic lands Sheffield build-to-rent deal

Construction to start this month on nine-storey block
1 day ago

Willmott Dixon wins second Kent Uni project

Firm to start £13m contract for School of Economic building
1 day ago

Carillion collapse to cost Balfour Beatty £45m

Galliford Try also hit for up to £40m on Aberdeen Western Peripheral Route
2 days ago

Carillion staff and suppliers told to carry on working

Liquidator sets up website offering advice to anyone hit by the collapse
2 days ago

Carillion goes into liquidation

Contractor loses its fight for survival
2 days ago

Construction stops on scores of Carillion projects

Clients in limbo as search starts for new contractors to take on jobs
2 days ago

BAM set for £32m Cornish schools batch

Works starts on first of three community schools
1 day ago

Watkin Jones chief to step down

Mark Watkin Jones announces intention to leave as firm delivers record results
2 days ago

Plan lodged for £35m Aberdeen Uni teaching hub

University plans to start work later this year
2 days ago

Probe starts into land-banking house builders claim

Expert panel named to tackle barriers to building
2 days ago

John F Hunt buys nuclear specialist

Essex demolition group boosts its concrete cutting expertise
5 days ago

Carillion puts administrators on standby

Contractor makes contingency plans as talks continue with lenders
5 days ago

Race starts for £1.5bn flood defence framework

Next generation Environment Agency framework launched
5 days ago

Ardmore profit rebounds on record sales

South East main contractor delivers 4% operating margin from record £370m revenue
5 days ago

Welsh ministers to help fund Swansea £1.3bn tidal lagoon

Welsh first minister tables cash offer to kick-start £1.3bn tidal energy project
6 days ago

Go-ahead for £60m UCLan Preston student complex

Work expected to start next year on Preston gateway building
5 days ago

Subcontractors wanted for Oxford-Cambridge corridor

Supplier event for local specialists: Register now
5 days ago

United Living to start £30m Milton Keynes PRS build

Site demolition completes for Silbury Boulevard build to rent project
6 days ago

Contractor services