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LibLink: Cllr Jayne McCoy: Council intervention drives housing market

Cllr Jayne McCoy chairs the London Borough of Sutton’s Housing, Economy and Business Committee. She has written for the Local Government Association’s First magazine about how Sutton Council have set up a development company to build the right sorts of houses at the prices key workers can afford:

In Sutton we have seen numerous private developments of one bedroom flats, however what we need are two and three bedroom family homes. We also see both the private for sale and private rented sector out of the price range of most of our residents.

In response we have sought to take control and lead the delivery of housing ourselves by setting up a council-owned development company. This will allow us to take advantage of preferential borrowing rates to invest in the housing market across all tenures.

The development company gives the council the flexibility to build homes for private ownership, private rent or to build council houses in the traditional sense. The company will also seek to unlock sites where development has stalled.

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