The Mayor of London has announced plans to use Community Land Trusts to make use of unused real-estate to create affordable homes
The idea is to produce more affordable properties within London.
To begin with, Transport for London will release 10 development sites, two of which in Lambeth and Tower Hamlets, have been selected for Community Land Trusts.
Catherine Harrington, director at the National CLT Network, said:
“We are delighted to hear that the Mayor of London has recognised the potential of Community Land Trusts as a way of developing genuinely affordable housing.
The increasing prices London is struggling with are tearing communities apart and seriously threatening the fabric of the city.
The mayor has already invested £250,000 in the creation of a community-led housing hub for London. Along with this pilot, we’re hopeful and excited about the future and the difference that CLTs can make to the market – we want to see a CLT in every community.”
As the cost of houses continue to rise, the average wage fails to compete, meaning more and more people are unable to live in the communities that they call home.
Community Land Trusts offer a unique approach to solving the UK’s affordability crisis.
They create a permanent, affordable solution for people who live in the city who wouldn’t have been able to afford a property any other way.
CLT’s are managed by a community of ordinary people who are doing their best to aid the country’s affordability dilemma.
Homes built under Community Land Trusts, are priced according to what people earn in the surrounding area.
In 2017, the first new-build CLT homes were completed in Tower Hamlets. The 23 properties were rented out and sold at a third of the average property costs for the location.
As an example, two-bed flats were sold for £182,000 as opposed to the average £550,000 sale price for similar properties in the area.