A report by the Affordable Housing Commission, ‘A National Housing Conversion Fund: buying properties to boost affordable housing supply’ has outlined plans for a £1.3 billion fund to enable both social landlords and community-led housing groups to buy houses and convert them to affordable homes.
This fund will not only aim to increase the supply of affordable housing across the country, but also revitalise empty and run-down properties. Social landlords and community-led housing groups will be able to purchase both private rented properties and those on stalled sites and turn them into affordable homes. The Fund will particularly benefit community-led housing groups in acquiring properties as access to land and properties can be one of the most difficult stages in the process. In creating these genuinely affordable homes and reducing the number of empty properties this will also help to boost the local economy in these areas.
Overall for the housing market, this could reduce the reliance for many people on private rented accommodation.