In previous articles we have talked about local councils in London setting up their own development companies to create new housing. Newham Council created their own housing company in March, taking their total to three. The latest one, which does not yet have a name, will focus on purchasing properties from various developments and making them available for affordable rent. The homes will be offered at 40%, 60%, or 80% of market rent to cater for residents on different incomes.
The formation of the new company was announced at Upton Park, the site of the former football stadium that will be redeveloped for new homes. Of the 842 houses creates 211 of them will be purchased and made available for rent. The aim is to ensure that people from Newham will have the opportunity to live on the iconic site of the Boleyn Ground.
The other companies owned by Newham Council are Local Space and Red Door Ventures. The first is a social landlord and was set up in 2006 to provide homes for people in most need of accommodation. The latter is focused on building new homes and making them available for affordable rent.
As you can see Newham Council is working hard to create homes and make more available. Other Councils could follow their lead and be more proactive in this area. It would help to ease the housing crisis.
Our team at Finefair have worked as a lettings agent in Newham for a number of years. In this time we have worked to support landlords in making properties ready to enter the market, found tenants, and handled management. We have a lot of experience and always focus on delivering the very best services.
We are proud to offer a series of options to all kinds of landlords. With us they can choose to let in the private sector, even opting for guaranteed rent if they want assurances on the income from the property. Alternatively they can choose council leasing. This is a good option that provides a series of benefits such as no worries about finding tenants.
As part of our service we will explain the options that are available and help clients to choose the best one for their needs. If you have any questions for a lettings agent in Newham please get in touch.