The Mayor of London has awarded a number of small sites to small builders and a community land trust as part of his programme to boost small builders in the capital, and to increase the supply of new, genuinely affordable homes.
Contractor and developer Kuropatwa has been named as the successful bidder for Beechwood Avenue, a site in Barnet which will deliver a proposed 60 homes at 50 per cent affordable.
London Community Land Trust has been chosen to deliver community-led housing on two sites brought forward by Transport for London at Cable Street (Tower Hamlets) and Christchurch Road (Lambeth). They will deliver around 70 new homes, 100 per cent “genuinely affordable”.
The Cable Street and Christchurch Road sites were restricted to bids from Community Land Trusts (CLTs) building 100 per cent affordable housing. Homes are kept permanently affordable through a resale price covenant which requires all residents to sell the home to the next household at a price according to local earnings.
Homes will be priced according to average local incomes and based on the principle that residents shouldn’t have to pay more than one third of their income on their mortgage – meaning that they will typically be sold at between a third and half of market value.
Ten small TfL sites located across seven different boroughs were launched in February as part of the pilot, many of which are ‘left over’ land. The sites were brought forward through the Mayor’s pilot of this ‘Small Sites, Small Builders’ initiative, which he will now be extended with £3.8 million of funding next year, and further funding over the next four years as more successful bidders are announced. TfL will continue to bring forward and advertise small sites on a rolling basis, with Boroughs and other public landholders encouraged to take part.
The Mayor of London, Sadiq Khan, said: “Making small plots of public land available for housing development is a key part of addressing London’s housing shortage, and the fantastic response to the pilot of my ‘Small Sites, Small Builders’ programme has shown that these small sites can be an important way to get new genuinely affordable homes built.”