‘Homes for Lambeth’ will be a 100% council-owned company to enable the council to access private finance and build homes in the borough.
We all know that there is a housing crisis in London. At the moment there are over 21,000 people on Lambeth’s housing list, 1,800 families in temporary accommodation and 1,300 families living in severely overcrowded conditions.
Central Government cuts are making the problem worse
Unfortunately, the number of new social homes being built in the borough has fallen dramatically due to Central Government cuts – the forecast for 2015-16 is that just 40 homes for social rent will be built by Housing Associations.
Meeting the challenge head on
Lambeth is at its best when its communities are genuinely mixed and diverse. This means building more social homes, homes at below market rent for families in low pay, secure market rent for those unable to buy, and affordable home ownership for those who can afford it.
Introducing Homes for Lambeth
To build these much needed homes the Council is setting up Homes for Lambeth. This will be a 100% council-owned company to enable the council to access private finance and it will allow the Council to build homes for council rent, intermediate rent and private rent, all with long tenancies and rent stability.
Also with the council acting as a commercial developer through Homes for Lambeth the Council can use the 15-20% development surplus that private developers normally make and reinvest this into our communities and build more homes for local people.
If you want to find out more please visit the Homes for Lambeth website.
Originally posted on love.lambeth.gov.uk/homes-for-lambeth