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08.10.19

Exeter City Council set to embark on £18m residential project

Exeter City Council has outlined its plan to embark on an £18m residential housing project, aimed at delivering 100 homes by summer 2022 across four sites in the city.

The funding was authorised through the local authorities’ executive set, and will build on the council’s current stock of 5,000 homes – with around 40 a year bought through right-to-buy schemes. In the last decade, 67 homes have been completed, and a further 53 are in development, as part of an extra care scheme.

The new residential project comes following the lifting of a cap on borrowing by local authorities’ Housing Revenue Account in October 2018. A proportion of the funded approved by Exeter City Council for the scheme is expected to come from developers’ contributions.

READ MORE: Housing Finance Institute to tackle housing supply shortage – LGA

READ MORE: ‘Exploitative’ sale of new-build houses as leaseholds outlawed by government

Four schemes were identified as part of the residential project, with one scheme worth £2.6m currently underway. A preferred contractor has been selected for two schemes, totalling £6.2m, while a fourth scheme expected £9.2m is yet to be tendered.

A report on the residential scheme outlined further for members, reading: "The lifting of the Housing Revenue Account (HRA) borrowing cap has given Exeter City Council a great opportunity and both Officers and elected Members are keen to maximise the development within the HRA.

"This report outlines the council’s programme to increase the number of properties held within the Housing Revenue Account to meet housing need in the city.

"The programme includes acquisition of properties in a scheme being developed by Exeter City Living, together with three schemes to be brought on line which together will deliver 100 new homes for the Housing Revenue Account by summer 2022.”

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