Hammersmith & Fulham Council has sold a further eight properties at auction aiming to fund new homes with the proceeds.
The homes sold were all in poor repair, says the council. They concluded a better way to realise the value from the properties was to sell them and build new homes with the money raised. The auction raised more than £4m, which will go to the council’s housing company, which will contribute to the council’s target of building 500 new homes on council land over the next ten years. Part of the money could be used to pay down the council’s £200 million of housing debt.
Cllr Andrew Johnson, cabinet member for housing, said: “By putting these dilapidated homes under the hammer we have received far greater than their market worth. This is a fantastic deal for our existing tenants as the proceeds can be spent improving our existing stock meaning that we do not need to increase our rents disproportionately.
“This borough has the fourth highest house prices in the UK, with first time buyers requiring a deposit in excess of £50,000 to buy a house. The council is committed to redressing the balance and the proceeds of this sale will also help us to build more of our own homes for local people looking to fulfil their housing dreams.”