CITY COUNCIL HOUSES
SALE INSTEAD OF LETTING
Selling rather than letting of houses that the Christchurch City Council proposed to build in Linwood avenue and Palmers road, under a loan of £103,095, was recommended by the housing committee in its report to the council meeting last evening. The council adopted the committee’s recommendation that the Local Government Loans Board be advised that the houses would be sold with a deposit of £3CO. which was approximately the value of the section, with repayment of principal and interest over a period of 30 years. In its report the committee stated that it was not considered that it would be entirely fair to tenants to expect them to pay the high rents required to pay off the cost of the houses to the council within the loan period of, say, 20 years and still not own them. However, the payments required would be warranted if the persons paying them eventually owned the properties. Conditions of sale for the houses were agreed to by the council. Tfie purchasers will be allowed to pay on their mortgages after three months notice, and may not sell the properties for seven years without first offering them back to the council.
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https://paperspast.natlib.govt.nz/newspapers/CHP19530217.2.81
Bibliographic details
Press, Volume LXXXIX, Issue 26967, 17 February 1953, Page 8
Word Count
203CITY COUNCIL HOUSES Press, Volume LXXXIX, Issue 26967, 17 February 1953, Page 8
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