Medium Term Financial Strategy (MTFS) 2023/24 - 2027/28
Housing
The Council's Housing Strategy recognises that the future success of Gateshead is dependent on ensuring that all its different neighbourhoods thrive and are great places to live and visit. This requires the right mix of safe and secure housing that people can afford, together with good schools, parks, sports and cultural facilities, roads and transport links, and streets and public spaces free of litter and anti-social behaviour. This will be brought together in the development of the next Gateshead Local Plan which is currently underway.
The housing pipeline is continuing to deliver new homes across Gateshead, with 373 new homes completed in 2021/22. The Council recognises that the scale of new housing development needs to increase. A new Residential Growth Strategy is currently being developed that will confirm the priority actions to be undertaken over the next 5 years to maximise additional housing supply on existing and new sites, and to bring long term empty homes back into use. This strategy will also align with the Council's medium-term position and investment plan.
A major review of the Housing Revenue Account (HRA) Business Plan and associated Asset Management Strategy took place in 2021 which ensured affordable 5 and 30 year financial and investment plans moving forward. The plan will make a significant contribution to the Residential Growth Strategy, with a planned HRA funded development programme of 400 new homes over the next 10 years. Due to the significant external cost pressures already outlined above and the proposed ceiling on rent increases the HRA Business Plan is currently being refreshed to ensure it continues to be financially viable and investment is affordable.