Bristol announce council-owned housing company

The housing company was given the green light by the council’s cabinet when it met on September 4.

In a statement, they say the company will give the council greater influence over what is built in the city, which would help ‘ensure developments provide good quality homes within mixed neighbourhoods that best suit the needs of the local community.’

Mayor Marvin Rees has set a target of building 2,000 homes per year, 800 of which being ‘affordable’,  by 2020.

The company will be wholly owned by the council, and the first schemes will be joint ventures with an as yet unnamed developer. The council says this will reduce the ‘exposure to risk for the council’ and draw on the expertise from the commercial development world.

They add that by using a joint venture arrangement on development sites it will enable the council to share in the financial returns from the project, which could then be re-invested to accelerate further development of new homes.

Mayor of Bristol Marvin Rees said: ‘Good quality housing can contribute to the overall health and wellbeing of people in Bristol. Currently demand for housing in the city far exceeds supply, resulting in high rents and house prices.

‘We are committed to getting things done and have big ambitions for Bristol. Building quality housing is vital to making things happen in the city and improving the quality of life for the people who live here.’

Kevin Bourner, general manager, Homes England for the South West said; ‘Homes England is committed to delivering housing where it’s most needed across the region. We are working closely with local authorities including Bristol City Council to find the best way of meeting the demand and accelerating delivery where possible.

‘The launch of a new council-owned housing company would be a positive step and help to increase the delivery of new quality homes across the city.’