Reading Borough Council has confirmed it will wind down its wholly-owned private rental housing company following a public consultation.

The local authority had previously said it was considering closing the company due to concerns about the company’s viability and loan repayment delays. The company, Homes for Reading, was set up in 2016 to buy homes and let them to residents for market rent.

 The closure will mean the 101 homes owned by the company transferring to the council’s mainstream social housing stock, to be let to keyworkers at affordable rent levels.