Issue - meetings

Purpose of Report

For Executive to consider the contents of the revised Acquisition Policy for approval before publication.

Decision

That the revised Acquisition Policy be approved for publication.

Alternative Options Considered and Rejected

None. Failure to update the Acquisitions Policy would not be in line with current guidance.

Reasons for the Decision

The key amendments to the Acquisitions Policy were outlined within the officer’s report.

The sale of council homes continued to create pressure to replace properties sold via the right to buy (Rtb) and to ensure the RtB retained capital receipts were utilised within the required timescales for the purposes of replacing social housing. There was a continued need for the Council to make best use of funds to replace housing and where possible offer additionality of housing stock due to increasing demand for housing.

Local Authorities had the ability to reinvest Right to Buy (RtB) receipts within Retention Agreements (1-4-1 capital receipt agreements) for a period of 5 years from these sales. RtB receipts could now be used for up to 50% of the capital costs of purchase and repair of a property or new build on the basis that they provided a one for one replacement for social housing (as defined by section 68 (1)(a) of the Housing and Regeneration Act 2008).

On the 28 May 2019 the Acquisition Policy was approved by Executive and became policy in June 2019.

On 23 September 2019 Executive approved an amendment to enable acquisitions of varying property types not just ex council housing via delegated authority.

On 17 March 2021 Executive approved the Housing Delivery report and the Acquisitions Policy was amended to enable external housing providers to apply for funding. The process of purchasing homes from the open market or via direct approaches was continuing to work well.

The Acquisitions Policy also allowed for acquiring properties for other funding streams such as specific need government housing schemes. Examples included Next Steps Accommodation and the Local Area Housing fund. Once approval had been granted from Executive to deliver these projects, the acquisitions process was followed utilising the delegated authority in place. This ensured a consistent approach across all acquisitions to the housing stock.