Homes for Reading Press Release
A NEW socially responsible housing company has welcomed its first tenants.
Homes for Reading was created by Reading Borough Council in 2016 to operate as a commercial business which will, in the future, offer some properties at sub-market rents.
A 3-bed semi-detached house in Tilehurst was the first property purchased by the company in September and was let within days.
HfR operates separately to the Council’s Housing section and is run as a responsible, professional and private landlord at no overall cost to the local authority.
HfR has recently exchanged on another property in Calcot and three new-build town houses. Several further offers have been accepted and many more potential flats and houses are in the pipeline.
Properties bought by Homes for Reading will initially be let at market rates but the aim is to let some homes at sub-market rents to those in most housing need and to homeless households.
Cllr Sarah Hacker, Chair of Homes for Reading, said:
“I am very excited that Homes for Reading has welcomed its first tenants.
“There has been a lot of hard work to get to this landmark point and I am now looking forward to the company moving forward with further acquisitions and many more lettings.
“People renting with Homes for Reading can be assured they will be living in good quality accommodation and will be dealing with a responsible and professional landlord.”
The intention is that the profit created from letting properties at full-market rents will be used to offer subsidised rents for a proportion of the portfolio. Initially it will be necessary for HfR to let a high number of properties at the going market rate to get the company up and running with a sustainable income.
Sub-market rental properties will be allocated directly by the Council.