Council approves £46m deal to buy nearly 800 homes

Plans to buy nearly 800 homes for use as council properties have been approved in Medway, despite concerns raised by opposition councillors over the cost.

Medway Council has agreed to buy 791 homes for £45.95m from a social housing provider which is moving out of the towns.

Councillors heard it was a "rare opportunity" to take on the stock and improve standards for tenants.

The move was approved at a full council meeting on Thursday, after the cabinet approved the proposals this month. The investment required the sign-off of all members of the Labour and Co-operative-run council.

Some opposition members voted against the plan and said not enough information had been provided on how the scheme would be funded.

Much of the meeting was held in private because it was financially sensitive.

An amendment from the Conservative Group, shown to the Local Democracy Reporting Service, sought to delay the decision for further consideration about borrowing requirements, particularly interest rates, but was defeated.

Conservative councillor Andrew Lawrence said members were being asked to "sign a blank cheque" before due diligence had been completed.

He said the amendment would have ensured the proposals returned to full council once borrowing was confirmed as affordable.

Labour council leader Vince Maple said: "The risk for our community if this doesn't go ahead is that close to 800 homes won't be filled with Medway residents.

"That doesn't mean we do the deal blind, we will do the due diligence, but we've got to get on with it because that risk is too great."

He added: "Rest assured, if it is not a good deal for Medway we will not proceed."

The Conservative group called in the cabinet decision on 7 April, which means the matter will be taken to an overview and scrutiny committee where members can ask questions.

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