An independent group of housing leaders has called on the government to provide a £1.3bn fund to buy up private housing for social rent.
The Affordable Housing
Commission says a National Housing Conversion Fund would help support tenants
and drive economic recovery.
The group expects some
£1.255bn in grant funding would deliver an expected 42,500 new social and
affordable homes and create 9,300 jobs. Taking into account wider benefits, it
said this would be at a net cost of £623m to the government.
The fund would enable
social landlords and community-led housing groups to acquire private rented
housing and homes for sale on stalled sites in low value areas.
The group says buying
distressed private properties would mitigate the anticipated slump in prices
and kickstart development.
Lord Richard Best,
chair of the Affordable Housing Commission, said: “We believe the chancellor
has a great opportunity to stimulate the economy, boost jobs and tackle the
housing crisis by backing plans for a National Housing Conversion Fund.
“This would bring
empty and run-down properties back to life, stimulate activity on stalled
sites, and assist landlords exiting the market, while addressing the acute
shortage of homes at truly affordable rents.”