London keyworker housing scheme halted
An initiative to build affordable homes for London keyworkers has been halted by the quango which owns the land.
With work yet to begin on half of the 16 sites earmarked for the project, the Homes and Communities Agency (HCA) opted to end the process.
The development was launched in 2003 with the aim of creating 1,500 homes for the city's keyworkers and a further 1,000 affordable houses at these HCA owned locations, Regeneration and Renewal reports.
Of the eight sites yet to be developed, one has been sold Waltham Forest Borough Council for use as a school and the remaining seven will be retendered.
A spokeswoman for the HCA said that "market conditions" had led to a review of its position.
News of the halted scheme, combined with continuing high house prices in the capital and a lack of affordable mortgages available, may encourage more people to look for property to rent in the London borough of Brent, or elsewhere in the city, instead.
Published 22nd April, 2010
© 2010 Estates IT Limited
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More people may be encouraged to look for property to rent in the London borough of Brent, or elsewhere in the capital, after a city-wide initiative to build thousands of homes was halted.