Savills have been contracted to help Homes for Lambeth set up its housing associations. After this is done in around 9 months time Savills will have no involvement in running Homes for Lambeth. This is highly technical work and the Council needs to ensure it is done correctly.
These housing associations will allow Homes for Lambeth to build homes for council and intermediate rent and access funding to deliver more genuinely affordable homes. The council-rent properties will be let with lifetime tenancies matching, as closely as possible, existing council tenancies with rents set in the same way as for existing council properties, at about a third of market rent. Establishing Homes for Lambeth's housing associations is a complex and highly technical process as they will need to be registered with the Homes and Communities Agency.
The Council has called on expert advice, and after a properly audited procurement process have appointed Savills. This is expected to be a nine-month process and, once it is completed, Savills’ involvement will come to an end and they will have no involvement in running Homes for Lambeth.
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