Council homes to be bought for £1m at Colyers Gardens estate

Corby council is to spend £1m buying eight new council houses.

Members want to buy the last remaining properties available at Colyers Gardens, on the former Lincoln Way estate. The houses were built on council land and were funded by Government cash.

BeLa Partnerships built the homes, of which 108 have been sold, and 30 were to be used for council housing. But there are eight properties still unsold and now the council wants to buy these for £970,000, thought to have a market value of £1,047,000.

Members of the One Corby Policy Committee meeting discussed the purchase at their meeting on Tuesday.

A report to councillors said: “Of the 116 private sector properties, eight currently remain unsold and these will inevitably be the most difficult to sell. Two of the properties have three bedrooms and the remaining six have four. As they are currently unsold or unreserved, they will continue to incur marketing, sales, security, utilities and other costs.”

The cash for the houses will come from the council’s housing revenue fund, which is ring-fenced and can only be spent on council housing. The balance of this fund is expected to be at about £2m at the end of this financial year.

Up to 30 per cent of the purchase price can also be covered from cash generated by future sales of existing council houses under the right to buy scheme.