West Oxfordshire District Council launches new loan scheme to bring empty homes back into use
West Oxfordshire District Council has announced a new initiative to bring empty homes back into use, helping to increase housing supply and improve neighbourhoods across the district.
Councillor Alaric Smith, Executive Member for Finance, said:
“Empty homes can be a wasted resource when so many people need housing. They can also cause frustration for local communities, attracting complaints and sometimes falling into disrepair. Through this scheme, we want to support property owners who may not have the financial means to renovate their homes and get them back into use.
“This partnership with Lendology will provide a much-needed financial boost to help owners make essential improvements, ensuring properties can be lived in once again and helping tackle the housing crisis in West Oxfordshire.”
At the end of March 2024, there were 1,128 properties in the district registered as long-term empty, with 125 of these vacant for over two years. Many of these homes require financial investment to be made habitable again. This can be due to people inheriting homes in a poor state of repair or homes being stood empty for long periods.
The Council’s new loan scheme, delivered in partnership with Lendology, a not-for-profit social enterprise lender, will provide financial support to property owners who need help to renovate empty homes.
The council is investing an initial £300,000 to create a lending pot and the scheme will be trialled for an initial one-year period, with a review at the end of that time to assess its impact. Loans will be available specifically for properties that are being brought back into use, whether for sale or rent, helping to meet local housing needs.
Lendology, which already works with councils across the UK, will manage loan applications, repayments, and legal agreements on behalf of the council. Interest rates will be set by the council and fixed for the duration of the loan. They will be at a favourable rate to help people get the funding they need while also protecting taxpayers money.
The initiative also aligns with the council’s wider priorities of improving housing, supporting communities, and tackling climate change. Renovating empty homes not only helps to increase available housing but also improves energy efficiency, which benefits both the environment and future residents.
Should the scheme be approved by the Council then loans will be made available to West Oxfordshire homeowners in the coming months once the scheme goes live.