Archived press release

Date Published: 18/05/06

The transfer of Aylesbury Vale’s council-owned homes to a new housing organisation is in sight – paving the way for more than £400 million of investment over the next 30 years. AVDC’s cabinet this week approved the agreeme...

The transfer of Aylesbury Vale’s council-owned homes to a new housing organisation is in sight – paving the way for more than £400 million of investment over the next 30 years.

AVDC’s cabinet this week approved the agreement of a valuation of £43 million for the transfer of around 7,500 homes to the Vale of Aylesbury Housing Trust, giving a net receipt to the council of £34.2 million. It is estimated that the council will receive a further £53.2 million through additional ‘right to buy’ receipts and VAT arrangements.

The £87.4 million capital receipts the council will receive over the next 10 years as a direct result of the stock transfer will be used for the benefit of all residents of Aylesbury Vale. The council will use £30 million of this funding to provide 500 affordable homes in the district and the remaining capital receipts will be set aside to fund a range of community and environmental programmes.

The Vale of Aylesbury Housing Trust, a new not-for-profit organisation, plan to spend more than £105 million on a programme of repairs and improvements for tenants’ homes during the first five years after transfer and just under £400 million over 30 years.

Planned improvements include the installation of double glazing, improved security measures and extensive refurbishment centring on kitchens and bathrooms.

Councillor Michael Edmonds, Cabinet Member for Housing, said the transfer will be a ‘win-win-win situation’ for council tenants, AVDC and the wider community. He said: “This is great news for the people of Aylesbury Vale and AVDC. The transfer will bring about a significant investment in the housing stock, providing a boost to the local economy as well as providing tenants with improved homes.”

Councillor Pam Pearce, Chairman of Vale of Aylesbury Housing Trust, said: “The council and the trust have been determined to deliver real and lasting improvements to the homes of local tenants. When the transfer is approved, and the money starts flowing into improving the homes of tenants, it will be recognised as a success story for Aylesbury Vale.”

AVDC approved a decision to progress towards transfer following the result of a secret postal ballot of tenants in November 2005. A total of 6,308 tenants took part in the ballot – a turnout of 71.3 per cent – and 74.4 per cent voted in favour of transferring the ownership and management of their homes to the Vale of Aylesbury Housing Trust.

The council will ask the Secretary of State to sign off the transfer once the council has agreed the terms of the transfer contract.

Following government consent, the Vale of Aylesbury Housing Trust is expected to become landlord to Aylesbury Vale’s tenants on 17 July 2006.