New transparency requirements have required Hammersmith and Fulham Council to release details of Social Housing Asset Value of the Council’s housing stock.
There are 258 council homes valued at over £1 million each. 14 are valued at over £1.5 million. One is valued at over £2 million.
The previous Conservative council had a policy of selling high value property when they became vacant. This meant that more replacement properties could be provided – for example “hidden homes” on council estates where there is spare land.
But the Labour Council refuses to sell any properties for ideological reasons. Meanwhile there are 1,172 families in temporary accommodation. Many more are in overcrowded conditions.
Holding on to expensive properties – rather than providing replacements to increase the total supply is a betrayal of those in severe housing need. The high maintenance costs of some of the properties makes the policy all the more foolish. New rules are coming in to end this scandalously poor asset management. But if the Council had any sense of responsibility they would immediately resume the policy of selling high value properties when they become vacant.