Residents have been in fear of losing their homes through the ongoing project to renew the Colville Estate.
It is feared that the selling prices of the recently approved new flats are to be considerably higher than the current value.
Councillor Philip Glanville, Cabinet Member for Hackney Homes and Regeneration Estates, said: “There is no need for anyone to feel they are being forced to leave Colville or Hoxton with nowhere to go.”
“Leaseholders will be able to stay living at Colville if they wish, through a range of offers of shared equity and shared ownership”, explained Glanville.
Hackney Council also explained that a shared equity approach means that many leaseholders will gain new homes without having to take on a new mortgage or rent arrangements.
“I’m not worried”, said Olive Smiths, 60, who has been living at Colville Estate for 20 years. She added: “I like this area, it’s peaceful and quiet. It’s safe to go out at night and everyone knows each other.”
Charles Olukenni, 46, said that the new construction is “something to look forward to”. He explained: “We have already been promised one of the new flats.”
Don Wongking, 56, a leaseholder of the estate, said: “When the owners sell their flats to the council, this latter will give them flats in the new building.”
Wongking then noted that her current kitchen “is really small”.
She added: “Hopefully the new building will be better.”
The newly approved estate plan was submitted by Karakusevic Carson Architects. It is currently one of the five projects nominated for the ‘RTPI and New London Architecture Awards‘ that will take place in July.
Glanville said: “All Colville residents, whether leaseholders or tenants, deserve high quality new homes to replace the aging, unfit for purpose homes on the current estate.”
He added that the residents “now have an opportunity to exchange their current home for a brand new one in their community.”
The Colville Estate was built in the 1950s and currently consists of 20 buildings and 435 properties. It will be replaced with 935 new flats housing more than 2000 people.
The date for the demolition is yet to be set.
To read the Hackney Regeneration Estate document, click here.