Greenwich Council is moving forward with its housing development initiative, Greenwich Builds, focusing on acquiring one to three-bedroom flats at Royal Arsenal, Kidbrooke Village, and Greenwich Millennium Village. With nearly £400 million in funding for phase two, the council intends to pivot from building new homes to purchasing existing ones. This strategy is driven by the current market conditions that make it possible to acquire properties at a discounted rate, ultimately providing quality homes for residents on the waiting list. The council anticipates significant grant funding from the GLA to support this acquisition effort.
"It's an opportunity to celebrate what Greenwich Builds has already achieved in phase one with having over 750 council homes in progress."
"Given the current climate we have been given the opportunity to increase our supply of council homes through acquisitions."
"We are stepping in to acquire homes at a discounted rate. This adds to our housing supply, now rather than later..."
"The 28,000 households on our register of which 5,000 are priority will be delighted as well."
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