Councillors in Slough have given the go-ahead to set up two private housing companies to help meet demand for rental property.
The borough council’s cabinet approved the plans on Monday, September 5.
Herschel Homes will buy brand new, high spec homes and rent them out at market rates while Slough Homes will buy both new and secondhand homes to let out at lower rates to people in housing need.
Both companies will be limited by shares, with the council as sole shareholder.
Each will use a lettings agent at first with the aim of bringing that expertise inhouse within three years.
If demand was not as expected the companies would be able to sell properties between one another.
Officers will now begin drafting a detailed case for the new businesses which will be presented back to cabinet later in the year.
See previous coverage.