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

Aaron Morby 7 years 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

Three Keltbray managers took £600,000 in bribes

Site managers convicted for taking kickbacks from labour supply specialist
3 hours ago

Bidding starts for £1bn YORcivil major works deal

Eight firms face fight to renew places on big civils framework
4 hours ago

ECF clinches deal for Hull 850-home urban village

East Bank waterside village plan advances
18 hours ago

Maintenance firm Cardo in second Scottish acquisition

North Lanarkshire property maintenance firm Rodgers & Johnston bought
3 hours ago

Kier confirms £41m Salford Uni health building job

Work starts on specialist three storey teaching building
5 hours ago

Passenger train derailed after hitting track left by Colas workers

Contractor and Network Rail asked to make improvements after accident
17 hours ago

Bryson signs £6m safety products deal with Skanska

Safety specialist becomes sole supplier to contracting giant
16 hours ago

Murphy wins £120m St Fergus gas compressor project

Three low emission compressor units to be installed for National Gas
13 hours ago

Blenheim House payout hopes fade as claims hit £33m

Suggested 10p in the £1 payout for subcontractors now unlikely
1 day ago

£1.3bn decarbonising and fire safety deals out for bid

South East Consortium starts hunt for firms for housing upgrade work prize
1 day ago

£30m turnover M&E contractor files administration notice

TNA Electrical makes administration application
1 day ago

Plan for first big offices at £1.7bn Manchester innovation hub

500,000 sq ft of offices planned at renamed Sister development
1 day ago

Murphy starts work on £2.5bn Eastern Green Link 1

Giant subsea electricity cable project will take three years to build
1 day ago

Subcontractors wanted for work across Birmingham

Latest Constructionline event: Register now
1 day ago

Acheson Construction files administration notice

£53m turnover South West contractor lodges court notice
2 days ago

Hunt for 10 firms to deliver £37bn new hospital plan

Race starts for mega-framework with pledge to spread work among all firms
2 days ago

Springfield to build homes for army of green energy workers

Scottish house builder sells 2,480 plots to Barratt Redrow in strategy switch
2 days ago

Preferred bidder for Stoke city centre scheme

Genr8 Kajima to build Etruscan Square scheme in Hanley
2 days ago

BAM go-ahead for £56m Glasgow leisure centre

Work to start on East Renfrewshire complex later this year
2 days ago

Network Rail fined £3.75m after double track worker death

Michael Lewis and Gareth Delbridge were killed while working on rail line in Wales
5 days ago

Local contractor Castle lands £60m South Shields campus

Work to start this summer on new home for South Tyneside College and South Shields Marine School
5 days ago

GRAHAM wins £100m deal after safety regulator approval

Dyecoats scheme in Leeds becomes one of first to receive Building Safety Act Gateway 2 green light
6 days ago

London Super Sewer now fully connected

10-year construction programme draws to a close
5 days ago

McLaren signs off £125m London Bank over-station job

Developer Helical secures funding deal for 8-storey office job
5 days ago

Work on Labour’s new towns to start by 2029

More than 100 sites put forward for a dozen new town locations
6 days ago

Unite hails 12 years without a site accident at Battersea

More than 4,000 union members have worked on the redevelopment without a single serious accident
5 days ago

Housing orders surge offers hope after 5.2% new work fall last year

Housing orders surged 24% in final quarter of 2024 as developers release schemes
6 days ago

McLaren Property gets new Construction Director

Jon Mangham joins from Equans
6 days ago

BAM Construction suffers £40m loss after Co-op Live setback

Civils business profit surges 24% to £80m
6 days ago

Over 150 jobs axed as J S Wright goes under

Insolvency specialist FRP Advisory goes in at Birmingham M&E specialist
6 days ago

Contractor services