1,685 homes for shared ownership and low cost rent on the way
Published: Wednesday 12th July 17
New data shows there were 419 homes for shared ownership and low cost rent built in Wandsworth in 2016/17, with 1,685 forecast for the next three years.
Riverlight shared ownership homes, Nine Elms
Of the 419 new homes, 170 were for low cost rent and 249 were for shared ownership, with 90% of the shared ownership sold to households living or working in the borough.
Looking ahead, the report forecasts that the next three years will see the construction of a further 822 homes for shared ownership and 863 for low cost rent, or 1,685 in total.
The figures come from an update report that was approved by the Executive on 3 July.
An example of shared ownership development completed in the past year is Optivo housing association’s Riverlight, at Nine Elms next to Battersea Power Station. The scheme features 116 homes, more than 90% of which were sold to people living or working in Wandsworth, at shares as low as 25% and with rents on the rest as low as 0.2%, or £91 a month.
With shared ownership, you only pay a deposit on the value of the percentage being bought, so a 5% deposit on a 25% share works out as a 1.25% deposit on the total property value.
The report also reveals how through the House Purchase Grant scheme 47 council tenants were helped to buy on the open market or through shared ownership, the highest level in a decade.
This freed up council homes for another 47 families and priority households, saving an estimated £2.8million in temporary accommodation and housing costs. The council has committed a further £3.5million in 2017/18 to help more households move and buy with 44 tenants already prioritised for the grant.
A further 33 council tenants became homeowners through taking up their Right to Buy in the last year, generating £3.8million for the council to invest in its expanding council housebuilding initiative.
Within this programme so far 23 sites have been identified all over Wandsworth, with 67 new council homes for social renting under construction on six sites, and hundreds more to come.
Planning approval has been granted for a further 74 new council homes across ten plots with construction due to start in the coming months. For the remaining sites, planning permission has either been applied for or studies are under way in advance of an application being submitted.
The council’s housebuilding programme has been running for over a decade and has seen more than 250 homes built on under-used spaces on council land. Improvements to neighbouring roads, pavements and open spaces are also included, so that local people benefit from development going on where they live.
The model has been adopted by other local authorities including Hackney and Southwark and is being expanded to include large-scale stand alone developments on under-used council land.
Cllr Clare Salier, Cabinet Member for Housing, said: “Wandsworth continues to see a steady supply of new homes for shared ownership and low cost rent, and with more needed the council is expanding its own housebuilding programme.”
More about housebuilding in Wandsworth:
- Through the council’s own housing building programme, construction is under way all over Wandsworth including in Tooting, and near Wimbledon Common, and at three sites in Battersea, with hundreds more on the way
- Cllr Ravi Govindia, Leader of Wandsworth Council, is a member of the Mayor of London’s Homes for Londoners Board
- Mayor of London, Sadiq Khan, referred to Wandsworth Council as a ‘fantastic example’ of local authority housebuilding during the Mayor’s Question Time of 19 October, 2016
- More than 3,000 new homes for shared ownership, social renting, low cost rent, market rent and for sale are to be built by the council and partners at two major estate regeneration schemes in Battersea and Roehampton which guarantee newly built homes for all council tenants, leaseholders and freeholders on their estates
To find out about new affordable housing schemes sign up for the council’s weekly e-newsletter at www.wandsworth.gov.uk/e-news