- Posted by: Mike Hedges MS
- Category: Latest News
Work is already underway to meet the Welsh Labour Government’s ambitious target of turning 5, 000 empty properties across Wales into much needed homes – with more on the way.
Welsh Labour’s Housing Regeneration and Heritage Minister, Huw Lewis, announced launched the Houses into Homes scheme last year to provide interest free loans to property owners who upgrade properties that have been empty for more than 6 months so that they can be released for sale or rent. The scheme was the first of its kind in the UK and is providing almost double the levels of funding as the scheme which followed in England.
Less than a year into the scheme, 150 loans have been approved and 80% of the homes already being worked on will be used as rented accommodation, providing a much needed to boost to the availability of property in the private rented sector. The scheme is adding to the 2,000 empty properties already brought back into use in Wales during this term of government.
The £10m Houses into Homes programme is administered by Local Authorities on behalf of the Welsh Government. Almost all local authorities in Wales are now running a scheme and approximately £3m of the funding has already been drawn down by them. The remaining £7m will be fully utilised by the end of the 2012/13 financial year.