I am looking into the possibility of Plymouth City Council purchasing, renovating and selling/letting empty homes in the city. We already do most of the things other LAs do, CPOs, EDMOs, enforced sale, and a loan (and previously grant) system for homeowners to renovate to a standard to let properties. (We are not a housing stock holding authority).
I am interested in the money making part of the process! Currently a building will be taken on by a developer, renovated and the profit stays with the developer – and to some extent the type of development is out of the council’s control. Does anyone have experience of doing this within a local authority setting? Obviously, the intention is to get properties back into use, simultaneously generate an income stream for the council, to then reinvest in properties and so on.
Any thoughts, information, advice very much appreciated!