100 million pound housing investment to aid Cheltenham’s housing market

Published on 3rd October 2018

Green monopoly houses

Significant housing investment plans approved by cabinet and Cheltenham Borough Homes. Council’s approval sought on 15 October.

A 100 million pound boost to housing across the borough has been approved by cabinet as part of the drive to provide the homes communities need. A report will now go to full council on Monday 15 October for final approval.

In March 2018 the council approved the Place Strategy for Cheltenham, which identifies business growth and housing delivery as priorities. In particular, it sets out aspirations to increase the number of affordable, accessible, safe and secure housing and to build strong, healthy and inclusive communities. These aspirations were echoed in the Council’s housing and homelessness strategy, which was approved by cabinet in July 2018.

Cllr Peter Jeffries cabinet member for housing said: "The housing investment plan will support the council’s commitment to addressing issues such as the lack of affordable, high quality rented accommodation on secure tenancies as the growth of our local economy relies on a diverse and healthy housing market."

Tim Atkins managing director for place and growth continued: "To achieve our ambition to grow Cheltenham’s economy, a fundamental change in the housing market is essential. This will not be achieved through market forces alone; intervention is required. This initiative will bring significant investment in our town, tackle stalled and vacant sites; delivering homes across the whole housing spectrum, strengthening our communities, focusing particularly on accessibility for younger people."

Around 500 new homes have the potential to be provided and let through the £100 million investment. The council’s housing management organisation Cheltenham Borough Homes will be loaned the investment and will be delivering the ambitious scheme.

Paul Stephenson chief executive at Cheltenham Borough Homes said: "We are delighted to be working with Cheltenham Borough Council as their preferred housing provider on this important issue. This is a significant opportunity to build on our existing and successful partnership and respond to the current shortage of high quality, affordable housing for rent in Cheltenham: this initiative will make a real difference to the town and the people who live within it."