READING Borough Council has announced it is set to close its housing company following public consultation.
Homes for Reading, which is owned by the council, is closing following ‘extensive’ consultation with tenants.
The council consulted tenants and a number of external experts to consider a number of specific ideas put forward by tenants.
Now the closure means that 101 homes will be transferred to the council’s regular mainstream stock of housing as each individual tenancy ends.
Some tenancies have as much as two years left before they will be returned to the council, after which they’ll be made available as affordable, rented housing for key workers.
Homes for Reading was set up in 2016 to buy open-market properties to be let to private tenants.
The council has stated, however, that changes to lending rules, interest rates, and other external factors, including the housing market.
Councillor Matt Yeo, Lead Councillor for Housing, said: “I’d like to thank all the tenants who took part in the consultation for their valued input and their engagement.
“We have considered their feedback and comments and we have arrived at this conclusion having considered every possible option.
“I recognise the impact this decision will have on the 94 families who are still in these properties, and I am sorry for the disruption and inconvenience it may cause them. Officers from the council will be working actively with every one of our tenants between now and 2026 to help them find alternative suitable housing.
“We are committed to ensuring that they can all make the transition to other suitable homes with our support.”
“Ultimately the difficult financial circumstances all councils now find themselves in mean we have a responsibility to look after our finances to support the provision of services that residents rely on. We must prioritise the interests of all residents and communities we serve, who depend on the Council remaining financially viable.”
