Valley Housing Ltd was established in April 2016 to generate income and meet identified unmet demand for housing within the borough.

The company’s property portfolio consists of 23 properties across Romsey and Andover. 

Its latest profit is £37,686. A report was agreed by Test Valley Borough Council’s cabinet on Wednesday, August 23. 

The report said: “The properties managed will be held to generate income and meet identified unmet demand for housing within the borough.

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“The company is able to provide assured shorthold tenancies, allowing flexibility for tenants and better management for the council that will meet local demand for privately let housing.

“The expected growth scenario includes provision for the acquisition of six additional properties in 2023/24, all of which are currently owned by the council. 

“For 2024/25 onwards the expected growth scenario assumes that four properties will be acquired in each year.

“The outturn results were marginally below those expected in the last business plan update that was presented in February 2023. This was mainly due to higher than expected maintenance costs at the end of the financial year.

“The company expects to remain profitable going forwards.”