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WEAR VALLEY RELINQUISHES CONTROL ON HOUSING STOCK

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Wear Valley DC is reliquishing its majority hold over its 6,500 homes in a fund raising scheme hailed as the first ...
Wear Valley DC is reliquishing its majority hold over its 6,500 homes in a fund raising scheme hailed as the first of its kind in the north, the Northern Echo reported (16 Oct, p7).

And, after lengthy consultations, members have agreed to seek the go-ahead to form a housing company which will be a consortium comprised of one third councillors, one third tenants and one third 'interested parties'.

The company would be free of borrowing restrictions and would be able to exlusively concentrate on upgrading council houses, for which the council needs to raise£10m.
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