In some boroughs of London, housing is in desperately short supply. There are quite simply not enough affordable homes available for tenants, which is why rents are skyrocketing and unscrupulous landlords are letting out ramshackle garden sheds to make extra money. So in an attempt to try and deal with the housing shortage in their borough, Ealing Council has come up with an innovative solution.
Home improvement grants
Landlords in Ealing are being offered the chance to claim up to £30k if they turn an empty home into a rental property. The ‘empty homes’ grant is designed to cover the cost of home improvements and repairs for properties that have been empty for more than six months. A further grant of up to £25k is also on offer for homeowners who allow their properties to be managed by a social landlord for a minimum of five years.
Is there a catch?
Under the terms of the ‘empty homes’ grant scheme offered by the council, the property must be ready for tenants to move into within twelve months of the money being approved. There is also a limit of £30k, so if repair works costs more than that, the landlord will have to fund it out of his own pocket. Landlords must also commit to keeping the rent on the property at an affordable level for at least five years.
Free matchmaking scheme
Ealing Council are also offering to help owners of empty, derelict homes get in touch with property developers looking for a house to renovate with a view to letting out at a later date.
