Milton Keynes council has revealed it is planning to set up its own housing company, with plans to build 2,000 “truly affordable” homes to rent or buy.
The move, announced by cabinet member for housing Cllr Nigel Long, aims to address the city’s “severe” housing crisis.
Currently, 800 Milton Keynes households are said to be homeless and living in temporary accommodation, while many more second- and third-generation residents are on council waiting lists.
While details remain vague, the private company will be owned and managed by the council, and tenants will have the same security and rights.
There will, however, be strictly no Right To Buy concessions.
A 12-week public consultation on the new council-owned housing company is due to launch about as part of the borough’s overall strategy for the future.
The move also aims to bring the council together with partners such as housing associations, developers, and Homes England.
Cllr Nigel Long said: “The company will be providing a range of properties at different prices and different rent levels…It will be council-only owned and not a partnership venture.
“Even more families are living in insecure private rented housing, and private landlords are making millions from high rents. Evictions from private landlords are the biggest source of homelessness in Milton Keynes.
“There is a lack of truly affordable, secure housing. Thousands of in work families struggle to pay high private landlord rents and mortgages.”
Two years ago, the council set up ‘Your MK’ in a partnership with private housing and social care company Mears.
The aim was to regenerate seven rundown estate and build new homes to finance the work, but earlier this year Your MK was stripped of its powers by the council because it was “not good enough” in the way it handled regeneration.