We all know that the housing crisis that Lambeth faces is stark and severe, with 21,000 people waiting for housing. It's for this reason that Lambeth has launched the biggest house building programme for a generation with a commitment to build at least 1,000 extra homes for council rent by 2019. To do this the Council is setting up Homes for Lambeth.
So, why will Homes for Lambeth be building homes for 'private rent'?
To build the more and better homes the borough needs amid crippling spending restrictions, the Council needs to find other ways to pay for them. So, the Council is setting up Homes for Lambeth a company which will be fully owned by the Council. Homes for Lambeth will build, amongst other types of homes, new private rent homes in the borough. The revenue that these private rent homes will bring in will pay for the homes at Council level rents that Homes for Lambeth will also build.
What is 'private rent'?
These private rent (sometimes referred to as ‘market rent’) homes will be available for Lambeth residents. These new private rent homes would be owned and managed by Homes for Lambeth. They would not be sold to buy-to-let landlords, but kept by Homes for Lambeth.
Also those who rent in the private sector, whom face average rents close to £1,500 per month with insecure short tenancies, could have the option to sign tenancies for different lengths of time (for example, 2 to 5 years) with the rents pre-determined for that time period. This will not only provide greater stability for families but it will also help create stable communities for all.
Want to find out more?
If you want to find out more about Homes for Lambeth please go to:
and the wider estate regeneration programme please go to: