An Enfield Council project initially launched to reduce the high cost of placing homeless people in bed and breakfast has saved the authority £2.5 million.
Housing Gateway, a company established in 2014 by the council to buy properties to provide temporary homes for homeless people, has reduced the use of hotels and bed and breakfast establishments.
It has purchased 418 homes and expects to buy its 500th property by June 2019.
Enfield Council’s cabinet member for finance and efficiency, Dino Lemonides, said: "Our temporary accommodation costs were simply not sustainable in 2014 and we clearly needed to do something about it.
"Housing Gateway was the answer and it has enabled us to save a significant amount of cash, which we can use elsewhere, as well as giving us assets we can sell on if so desired at the end of the project.
"It's a real Enfield Council success story."
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