To inform Cabinet of progress on the delivery of the original Offer Document, made by the Council in 2002, which led to the positive tenant ballot and subsequent transfer of stock to Valleys to Coast (V2C) in 2003; and to seek Cabinet’s approval to confirm that, in all material respects, the transfer promises made to tenants by the Council, have been met and in some cases exceeded.

The Chief Executive gave a report to Cabinet on the process of the delivery of the original Offer Document made by the Council in 2002 which led to the positive tenant ballot and subsequent transfer of stock to Valleys to Coast (V2C) in 2003.

The Chief Executive stated that the Council undertook formal consultation on its proposal to transfer all of its homes to V2C by way of an Offer Document to tenants in 2002 ‘your home, you future, your choice’.  There were a number of promises made, from various property improvements to guarantees on rent increases and other charges, the details of which were provided in the report, along with the schedule of qualifying works which summarised the Development Agreement dated the 12 September 2003

The Chief Executive stated that the Offer Document which also included a 5 year rent guarantee for tenants with an indication that rents would not exceed a guideline increase in the second 5 year period had been met.  He added that the Offer Document stated that there were to be no further demolitions over those already planned and that, in the early years, V2C would concentrate on repairs and improvements, but may consider building new homes in the future. 

The Cabinet Member Childrens Social Services and Equalities was concerned that there was a shortage of homes available in the Bridgend area and since ownership was transferred to V2C there appeared to be more homes demolished than have been built.  The Chief Executive stated that V2C would have to have made the investment programme feasible but that he could report back to Members the net impact. The Cabinet Member Resources stated that the right to buy process may have also contributed to the reduction in the number of properties in the area available to rent through V2C.

The Deputy Leader stated that whilst we have not seen the increase we would like in the housing stock we should reflect on the achievements.  He added that the housing stock was in poor condition when BCBC were the landlords and that the investment programme has seen a big improvement with new windows, kitchens and bathrooms being installed in properties bringing them up to the higher standards that were necessary to make for comfortable living. 

The Cabinet Member Regeneration and Economic Development stated that it was realistic that the refurbishment would continue in the immediate future and stated that new builds were a small part of the programme.  He added that the investment had brought many properties into a state where they could now be mortgaged if required. 

The Cabinet Member Communities stated that V2C had spent the last 10 years refurbishing the housing stock.  He added there were ambitious plans to increase the housing stock which we could expect to see happen within the next 10 years. 

RESOLVED:           That Cabinet:    

1. Noted the achievements of V2C in delivering improvements to the housing stock since 2003; and

2. Confirmed that, in all material respects, the transfer process promises made to tenants by the Council had been met and in some cases exceeded.