City of London Corporation to build 3,700 new homes (19 October 2015)

The City of London Corporation has announced its biggest house building programme since 1976.

The Corporation has announced that it will build a total of 3,700 new homes by 2025.

The last major house building programme occurred in the City of London when the Barbican was built. Originally intended to be for workers in the City of London, homes in the Barbican are now some of the most expensive in the capital. The City of London Corporation still manages the development

The programme of new homes will use sites on existing housing estates in the City, as well as land owned by the Corporation outside the City of London, such as in Islington and Lewisham. Some of the new homes will be allocated as social housing, while others will be offered at market prices on the open market. The Corporation says that it will also be considering shared ownership schemes, as well as working alongside developers and the government in the project.

New homes could be built in some of the boroughs surrounding the City, including the east London borough of Hackney – as well as Tower Hamlets, Southwark and Lambeth.

It is estimated a further 700 homes could be built on existing sites which already have 2,000 homes on them.

Lack of affordable housing and high rents in the City and neighbouring boroughs is a growing concern as the City strives to attract the best and brightest talent to work in the financial sector.

Figures show that, in 2014, the cheapest 10% of houses were affordable only to workers who were in top 25% of highest-earners.

The Corporation’s policy chairman, Mark Boleat, said:

“London’s housing crisis has become a threat to its economic competitiveness.

“Without truly affordable housing, we will no longer be able to maintain the diversity of London’s communities – which is an integral part of London’s success as a global city.

“When people think of City workers, they often think only of bankers and lawyers – but without security guards, receptionists and coffee shop baristas, the City would cease to function.

“If workers on low-to-middle incomes cannot find affordable housing, then working in the City will cease to be an economically sensible option.”

The property boom across London has affected boroughs near the City, which were once considered low income and comprised swathes of social housing – including Islington and Hackney.

However, blocks of social housing have been sold off for student accommodation in Islington.

In Hackney, the development of the Olympic Park, the rise of Hoxton and Shoreditch as artists’ communities – and the borough’s proximity to the City –
have all helped to push up property prices beyond the reach of many low-to- middle income families and workers.

In response to growing concerns over the shortage of affordable housing in the City of London, the Corporation opened Horace Jones House in Southwark, southeast London, earlier in 2015.

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Duncan Lewis housing solicitors can advise on a wide range of housing matters, including Local Authority housing, tenancy agreements, homelessness and council’s obligation to re-house, Landlord and Tenant disputes relating to rented property – and unlawful eviction or malicious eviction of tenants in the private sector or social housing.

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For expert legal advice on housing law call Duncan Lewis housing solicitors on 020 7923 4020.