Council set to renew efforts to buy homes from the property market in Milton Keynes

Homebuyers looking to get on the property ladder in Milton Keynes were told that the council does not want to compete with them when it re-starts its house buying programme.
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MK Council is urgently seeking ways to increase the number of homes it owns – partly by building its own and partly by buying them – as a way of tackling homelessness.

But a meeting heard this week that plans to buy 50 homes in the city this year were paused during a mini-boom in property prices.

It hopes to purchase 35 homes this financial year and to be able to return to 50 a year, and then to keep buying for 10 years.

Mark Smith, the council’s strategic housing finance manager, said that proposals to “enlarge the acquisitions programme” are set to be decided in December.

Cllr Emily Darlington (Lab, Bletchley East) is the council’s elected head of housing and public realm.

She told the budget and resources scrutiny committee that at the start of the lockdown period the council thought it could “ramp up” its buying because of projections of a “market crash.”

But then the Government announced temporary changes to Stamp Duty and house price inflation surged.

Milton Keynes from aboveMilton Keynes from above
Milton Keynes from above

The council paused its buying programme to make sure it wasn’t paying over market value.

Cllr Darlington said the issue is under “constant discussion” and is reviewed regularly as the housing market changes.

But she added that the council is having to balance its need for more social homes with possible issues when it goes into the market.

“The council doesn’t want to be in competition with people who want to get on the housing ladder,” she added.

Cllr Charlie Wilson-Marklew (Lab, Stony Stratford) has been urging the council to consider buying houses that it already leases from landlords to house people in temporary accommodation.

“This would take place off the open market,” he said.

Cllr Darlington said if the council brought homes that it already leases from landlords it could not then use them to house people in temporary accommodation.

But she added that officers are “trying to work through the idea” of using the local housing company that the council is setting up.

Committee chairman Cllr Robin Bradburn (Lib Dem, Bradwell) said: “I think acquisitions will help alleviate some of the homelessness.”

The council’s strategies and plans appear in its housing revenue account business plan, which has been published for public consultation.