Investment totalling £29 million is being proposed to help tackle the Island’s urgent housing crisis.
The planned investment in affordable housing aims to make the ambition of owning a home a reality for many Island families by making it realistic and affordable.
A new supply of homes for rent
The proposal also aims to ensure a supply of new homes for rent are built in the years ahead, so those on the lowest incomes can enjoy good quality secure rented homes, built and managed by reputable providers.
The plans form part of the Isle of Wight Council’s draft 2022/23 budget which also includes nearly £2.5 million to start up a new council-owned housing company, providing for local people.
Stephens: Rise in house prices and reduction in rental properties
Cllr Ian Stephens, deputy leader and Cabinet member for homelessness and housing need, said,
“Having a place you can call home is a fundamental right which many Islanders are finding increasingly difficult to achieve.
“One of the perverse impacts of the dreadful pandemic we’ve all experienced has been the effect on the Island’s housing market.
“House prices have increased dramatically and private sector rented accommodation has reduced by up to 80 per cent.
“Families, including those with working parents, are presenting to the council as homeless. In these crisis circumstances, it is the council working with partners that the community relies on to act, as was the case in the height of the pandemic.
“However, with no offer of significant help from government and few capital resources of our own we are prepared to look to borrow money on a business case by business case basis so that we can start to make something happen for Islanders.”
Not for profit
The council is proposing to set aside £25 million of its borrowing capability over the next three years specifically for the purpose of increasing the supply of affordable housing.
Cllr Stephens said the idea was not to make profit from property development, but to meet the desperate housing needs of Islanders, prioritising brownfield sites within the council’s control for new homes.
High-quality relocatable housing
However, recognising that building takes time, he said the budget also made provision for high-quality relocatable housing that can be brought forward in the next few months.
In addition, a budget of £750,000 continues to be set aside for the compulsory purchase of properties that blight the Island and where landlords seem incapable or unwilling to work in the best interests of all.
Cllr Stephens added,
“As always, we will work closely with all stakeholders in the housing development sector and town and parish councils in addressing this challenge.
“Our plans will be informed by a partnership based housing strategy, underpinned by a detailed understanding of need.”
The proposals come as figures show a fall of more than 17 per cent in properties empty for six months or more on the Island between August 2019 and January 2022 — in contrast to national figures which have risen every year for the last four years.
Bringing properties back into use
Council staff have been working with owners and landlords to bring their properties back into use, in a bid to increase the supply of quality affordable homes.
The authority has also recently invested in five units of supported accommodation for local people at risk of rough sleeping.
The budget will be considered by corporate scrutiny tomorrow (Tuesday) and Cabinet on Thursday (10th February) before going to Full Council on Wednesday 23rd February.
News shared by Isle of Wight council press office, in their own words. Ed
Image: Maria Ziegler under CC BY 2.0
