In response to the affordable housing crisis in the UK, Cornwall Council has made a strategic decision. They opted to sell Grade II listed flats, valued at £640,000, for just £1 in order to ensure continued affordability in Looe. The move aims to counteract the impact of second home ownership and holiday rentals on the county’s housing shortage. The council believes that this unconventional sale would prevent the loss of affordable housing in the area and alleviate the need for temporary accommodation. Additionally, a community-led redevelopment project promises to maintain the flats for affordable housing use. The UK’s housing crisis remains dire, with a backlog of 4.3 million homes needed to accommodate the growing population, particularly in high-demand areas like London and the South East.
The Cornwall Council in the United Kingdom has chosen to sell Grade II listed flats with an estimated value of £640,000 (approximately equivalent to Rs.6,61,64745) for a symbolic amount of £1 (roughly equivalent to ?103). This decision aims to ensure the availability of affordable housing options in the heart of a Cornish town, as reported by The BBC.
On September 13, the council’s cabinet granted approval for a proposal to transfer ownership of the 11 Coastguard Flats in Looe to a community land trust for a nominal fee. This choice was prompted by the substantial maintenance expenses linked to the building, which the council deemed unsustainable. The Looe flats were handed over to the Three Seas Community Land Trust, as they pledged to undertake a £1 million refurbishment project, funded through grants.
The news portal reported that council members stated that this agreement would maintain the affordability of the housing. The shortage of affordable housing in the county has been attributed to the ownership of second homes and holiday rentals.
If these flats were to be sold in the open market, it would likely have led to a reduction in the availability of affordable housing in Looe, which would have had a negative impact on the housing service by increasing the demand for temporary accommodation. A community-driven redevelopment plan will ensure that the flats continue to serve as affordable housing.
The housing crisis in the United Kingdom is a pressing concern, particularly in areas like London and the South East, where there is a severe shortage of housing. In these regions, both property prices and rental costs have soared, presenting significant challenges for individuals looking to buy or rent a home. According to research by the Centre for Cities, the UK currently faces a substantial backlog of 4.3 million homes that are urgently needed to adequately house its growing population.
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