Purpose

The Cabinet Member will consider the
acquisition of a freehold property for use as temporary
accommodation.

Decision

Summary of Decision: The Cabinet Member
for Finance and Council Reform has approved, in principle, the
acquisition of the Property for a sum of up to £4.25m,
additional capital expenditure required to bring flats up to a
reasonable standard for temporary accommodation occupation, and
delegated authority to the Executive Director of Finance and
Resources, following consultation with the Cabinet Member for
Finance and Council Reform, subject to all necessary due diligence,
to agree the commercial terms of the acquisition.
 
Reasons for Decision: The issue of
increasing demand for TA is common across the capital and in
2024/25 the Council saw an increase of over 30% in households
approaching the Council in housing need. Demand for TA has
outstripped the Council’s supply of suitable accommodation
and the Council has significant expanded its current temporary
accommodation programme which focuses on property leasing and
acquisition.