Council to Review Spending on Havering-Owned Property Company.
Reform-led Havering Council is set to review its funding of its in-house property developer, writes Sebastian Mann, local democracy reporter.
Councillors will rethink how money is spent on Mercury Land Holdings (MLH), which is owned entirely by Havering, according to the latest financial strategy.
The developer is employed to build and manage new homes in the borough, both publicly and privately owned. It has also been used to purchase homes for the council’s public housing stock, which reduces Havering’s reliance on costly temporary accommodation.
The report does not go into the specifics of what the review will mean for the home-builder, which was revealed to owe the council around £37million last year.
It says: “The council is also reviewing investment in Mercury Land Holdings over the medium-term financial strategy.
“These plans are still being developed, and any further investment will be included together with the financing implications in the budget report and capital strategy to full council in March 2027.”
Havering Council was approached for comment.
News of the review has been welcomed by former Conservative councillor David Taylor, following years of lobbying and calls for greater scrutiny.
“Mercury Land Holdings has been the subject of serious questions about its financial relationship with the Council, including the substantial sums it owes Havering taxpayers,” he said.
“I have consistently argued that this relationship needs proper scrutiny and transparency.
“This announcement is an important step forward, but the review must be robust. It cannot simply be an exercise in ticking boxes or rubber-stamping previous decisions.”
He added: “Residents need to know that their money is being used responsibly. Any future investment must demonstrate genuine value for money and deliver tangible benefits for Havering.
“Crucially, we need to see this translate into the delivery of the much-needed social housing our borough desperately needs.”
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