Everyone has been involved in a conversation about the 'housing crisis' with heart felt opinions across the spectrum. The one thing every can agree on, I think, is the vital importance of new housing in the UK particularly affordable housing.
Thankfully, Mayor Sadiq Khan has secured over £3bn government funds to kick start building at least 90,000 affordable homes by 2021. The scheme, Homes for Londoners: Affordable Homes Programme 2016-21, can be split into three categories:
London Affordable Rent - for people on low incomes
London Living Rent - helping Londoners on average incomes save for a deposit to buy their first home
London Shared Ownership - for people who want to buy but can't afford the open market
We have been working with Richmond Housing Partnership to target the 15k-55k income range, who are part of the working Londoners category that include recent graduates, young professionals, and key workers. This is in line withe the London Living Rent initiative.
In Richmond the ability of this group of residents to afford to purchase properties on the open market is severely limited by high marker values of the types of properties which have traditionally been available. Together with RHP, we are currently designing new homes for the intermediate market rent sector with comparable costs to renting a room in a shared room within Richmond.
The graph below shows the number of households in Richmond against the income levels of social renters, private renters and owner occupiers. The graph clearly shows there is a huge portion of income earners between 15k-55k who are not able to live in the Borough of Richmond either to rent or buy.
Richmond upon Thames - Households per Income Level