Mid-market rented homes are part-furnished homes, which are let for a rent that is higher than Council housing, but lower than many properties in the private rented sector.
In partnership with the Scottish Futures Trust, the Council has acquired 118 homes for mid-market rent in several locations across Stirling over the past decade, but its ability to let these properties at an affordable rate ceases after a 10-year period.
In normal circumstances, the Council would be required to sell or transfer the houses into the Council’s Housing Revenue Account, but at last week’s Full Council meeting, members approved plans to use Scottish Government grant funding of £3.422m, which will enable the properties to be retained as mid-market rented properties in perpetuity.
All 118 homes will be let as Steadfast Homes LLP, with the Council’s Housing Service managing and maintaining the properties. There is also the potential for the portfolio of mid-market rented properties to increase. Tenants will be contacted to let them know about the changes shortly.
Councillor Jim Thomson, Housing Portfolio Holder said: “I am pleased we have been able to ensure that current and future tenants living in properties owned by Steadfast Homes will no longer have the uncertainty of not knowing how long they can remain in a mid-market rented property.”
Councillor Alasdair MacPherson, Depute Portfolio Holder for housing said: “The ability for Steadfast Homes to continue to let these good quality homes at an affordable rent over the long term is great news and this has only been possible because we have received funding support from the Scottish Government.”
Councillor Danny Gibson, Depute Portfolio Holder for housing said “Securing these mid-market rented properties for the longer term is a positive outcome for the tenants and I am also pleased that this year we will see more than 200 new affordable homes being let to tenants across Stirling by Stirling Council and other Registered Social Landlords.”