A government-backed company to help London councils outbid each other for temporary accommodation for the homeless will begin trading next week.
So far, 13 councils have become members of the Capital Letters initiative, which was granted £38m of funding from central government at the end of last year.
The company will be tasked with managing up to 35,000 homes on behalf of the boroughs and will undertake management services.
This week, member council London Borough of Hammersmith was due to vote to begin formally using the service.
A report to councillors said: “Capital Letters will help to remove the competition between H&F and other London boroughs offering a simpler and more straightforward interface for landlords, managing agents and developers anywhere in London.
“Procurement of new properties on behalf of joining London boroughs will allow a more rational allocation of supply across London, allowing households to be housed closer to placing boroughs.”
