Homebuyers in Blaenau Gwent could be offered interest-free loans

Under a plan presented to Blaenau Gwent County Borough Council's regeneration committee, the interest-free loans would be offered to be used to renovate run-down homes.

Speaking at a meeting of the committee, ward member for Georgetown Cllr John Morgan said many terraced houses in the borough which may otherwise be attractive to buyers, particularly those looking to get onto the housing ladder for he first time, were in dire need of refurbishment.

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“It’s nice to see we are concentrating on economic growth along the corridor," he said.

“Youngsters want to buy a terraced house with the need for complete renovation.

“Interest-free loans to complete the renovations would greatly increase the number of good houses in the county borough.”

This is part of a growth plan presented to the committee on Thursday, November 14.

The objectives of the plan include bringing back into use five to 10 per cent of vacant properties each year and supporting the building of 400 new houses by 2023 to increase the competitiveness of the borough and to encourage local spending.

The report says there are around 1,000 vacant homes in the borough - which is high relative to the housing stock.

The council has begun a loan scheme to encourage vacant homes to be brought back into use. The fund of £800,000 is operated on a repayable basis and has already brought 52 homes back into use over the last three years.

The report says: “The council are also becoming involved in a Valleys Task Force initiative which will look to provide grants to homeowners to bring property back into their use which would be aiming to bring forward £1 million per annum.”

Earlier in the year it was reported that Blaenau Gwent was ranked the least competitive locality in Britain by the UK Competitiveness Index.

The index ranks regions based on factors such as economic activity, business start-up rates, the proportion of knowledge-based businesses and the proportion of the working age population with an NVQ Level 4 or above.

The report presented to the committee on Thursday is the first step to improving economic competitiveness and economic growth in the county borough.