The amount of affordable housing created in London is a very hot topic at the moment. Pressure is on local councils to create homes that are accessible to people on lower incomes in a time when land and property values are rising. The situation is made even more challenging because it must be accomplished without assistance from Central Government.
A recent report from City Hall revealed how many affordable homes had been created in London between 2013 and 2016. In total 21,491 properties were built throughout the capital. Although this may seem like a large number it is only 24% of the total for new housing.
The performance Borough by Borough is interesting. Tower Hamlets saw the most affordable homes created in the three year period with 1,830. This put the area marginally ahead of Greenwich (1,763).
The surprising thing is that although Tower Hamlets saw a higher number of new affordable homes, the area had a smaller percentage of the total new housing. When taken against all homes created in the period affordable properties account for 29%. Waltham Forest on the other hand saw 954 homes built, accounting for 47% of all new housing. Greenwich, Havering, and Barking and Dagenham were also 40% or more.
The statistics show that Tower Hamlets is committed to creating more affordable homes at the same time as being an area popular for higher value properties. The Local Council is working hard to help make housing more accessible in the area. As part of this they have cut rents in some areas, launched a new charter for private renters, and are looking to build even more new properties.
Finefair has been building our reputation as a leading lettings agent Tower Hamlets landlords and tenants can trust for over a decade. We are committed to offering the best level of service we can, supporting the needs of each party to the best of our ability.
Our services are very flexible, including private lettings and council leasing. As a result we can help landlords to choose the right course and also help to meet the needs of private and council tenants.
If you would like any help from the most personal lettings agent Tower Hamlets has, please get in touch.