Decision details

The HRA Disposals and Acquisitions programme has successfully established an approach to both sell unsuitable HRA properties and purchase suitable types set against clear, approved policy criteria. The Acquisitions would be guided by the principles and approach set out in the HRA Acquisitions and Disposals Policy: Part B, p8-11 and Appendix D.

https://democracy.york.gov.uk/ieDecisionDetails.aspx?AIId=68273

It is proposed to use HRA receipts, once achieved from ongoing sales, alongside £231,099 Recycled Capital Grant Funding to include a 4- and 5-bed property in the disposal programme, alongside meeting other Acquisitions and Disposals policy requirements and objectives. Purchases will be made following sale receipt.

Option 1 It is proposed to:
1.Progress purchase of one 4-bed property, Property A, at £385k purchase price, which can attract £173,100 RCGF if purchased by March 2026, providing sale completes of property currently under offer (Property B)

2.Prepare to purchase a 5-bed property estimated at £425k-£475k, subject to further detailed review of the market and available properties and achievement of disposal receipts, utilizing the remaining £57,999 RCGF in addition to receipts from a higher value property currently being marketed for sale (Property C), once this is sold

Option 1 (recommended) – Carry out the purchases of two properties, one 4- and one 5-bed, utilizing sales receipts and £231,099 Recycled Capital Grant Funding (RCGF)

Option 2 – Utilise £231,099 RCGF for new build affordable housing delivery

Option 3 – Return RCGF to Homes England under the provisions of the capital funding guide

The following were rejected. Option 2 was rejected in part due to Homes England being unwilling to approve RCGF usage for the council’s new build affordable housing delivery programme alongside the other Homes England capital grants that have already been successfully secured for the programme.

Option 2 (rejected) – Utilise £231,099 RCGF for new build affordable housing delivery

Option 3 (rejected) – Return RCGF to Homes England under the provisions of the capital funding guide