Published: 1st May 2020

The coronavirus crisis could cost Bexley Council’s housing company millions in lost revenue, according to a report. A report going before cabinet members next week (5 May) warns that the current pandemic could lead to a slowdown in the housing market, which could affect the business plans of its company, BexleyCo. The report notes the only scheme actively being developed by BexleyCo is a site on Old Farm Place in Sidcup, where the company is building 58 homes and apartments. According to the report, the most recent forecast was that the scheme would generate pre-tax returns of £9.023m for the London borough. But the report notes the two main risks in the pandemic are a potential 10% drop in private sales and a reduction in construction costs of 5%, although it also adds the real impact will not be known for a number of months. Assuming private sales do fall by … (To read the full article, subscribe below)