Regeneration project gets underway in Hackney

Regeneration project gets underway in HackneyHackney Council has outlined plans to build hundreds of new homes across the borough it has been revealed.

It plans to build 2,492 homes by 2020 and has already succeeded in constructing 268 homes between 2010 and 2013.

Whereas before it predominantly relied upon consultants and housing association partners to help build the homes, the council has now announced that they will be using an in-house team to complete the homes themselves.

Thanks to the government’s debt settlement, agreed under the self-financing arrangements in 2012, the council now have permission to borrow £168 million to build new homes.

At the same time, the local authority will also be making improvements to its existing stock. In order to fund the project, Hackney will rely on making a profit from sales. Of the 2,492 homes being built, 48 per cent will be for sale on the open market.

The profits generated from these homes will also allow the council to build 900 homes for social rent - typically at 30 to 40 per cent of market values. The remainder will be shared ownership.

Commenting on the scheme, Phillip Glanville, cabinet member for housing at Hackney Council, said in an interview published by Inside Housing: "We have been very clear that we need a sub-affordable rent product. Family-sized units in some parts of the borough are just out of reach.

"The real problem in Hackney is affordability. In some cases, market rents are going up ten per cent every year, and that is not sustainable in the long run."

A variety of homes will be built in the borough for people on a range of incomes and shared ownership is a large part of the equation.

Mr Glanville, continued: "We didn’t want to have a polarised view where there is nothing available in the middle. Developing shared ownership is a large part of achieving that."

Published 10th July, 2014

© 2014 Estates IT Limited

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