Mayor turns industrial estate into 100 per cent affordable housing
The Mayor has released a plot of land which will provide 330 affordable homes, offering shared ownership properties for first time buyers. Shared ownership allows home buyers to buy a portion of a new home and pay a low rent on the remaining unsold share. They can also buy a larger portion later and eventually own it outright.
There will also be a 3,000-square metre creative hub made up of affordable workspace and artist studios, a park to serve both existing and new residents, and retail space in the heart of the Blackhorse Road area.
This is the first time a Mayor has bought and then sold land so that the profit made will be reinvested into more genuinely affordable homes for Londoners.
The Mayor’s plan for Housing:
The Mayor plans for City Hall to have a greater role intervening in land decisions across London. You can get more details about the Mayor’s housing plans in his London Housing Strategy, which will be published in draft for consultation next month.
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