Published: 4th Jan 2019

Middlesbrough Council is to create its own housing company, which will build ‘high-quality affordable homes’. The plans to create the company were approved by the council’s executive before Christmas and include a start-up funding package of up to £10m which comprises part-equity and part-loan. According to the council, the formation of a wholly-owned company will allow the authority to build homes ‘for people, not profit’ for the first time in a generation in Middlesbrough. The first sites to see homes built by the new company are expected to be brought forward in the Gresham, Beechwood and Hemlington areas. For the first time in decades Middlesbrough is experiencing population growth with people attracted to the growing economy. Although the growth seen to date has been hugely beneficial to the town, there is an affordability issue that is developing, highlighted in a previous council report, as the average cost of new homes … (To read the full article, subscribe below)