Half price homes on sale to Lewisham residents

Applications for “permanently affordable” homes close on November 26. Pic: PA Wire

After an eight year campaign for affordable housing, applications are open for Lewisham residents to buy homes at up to half market value.

Applications for the first 11 London Community Land Trust homes in Sydenham are closing soon.

Local groups including Lewisham Islamic Centre and Lewisham Citizens have campaigned for the homes since 2014. The campaign was started to make it more affordable for residents to stay in the local area.

There is only one week left to apply for half price homes at Brasted Close after a seven-year campaign for affordable housing.

Applications for the “permanently affordable” homes close on November 26.

Those applying need to have lived in Lewisham for at least five years, be eligible for a mortgage and demonstrate a need for housing.

If shortlisted, candidates will be invited to attend an interview with London Community Land Trust’s independent allocations panel.

Six two-bedroom homes are on sale for £272,500, approximately half the price of market value. The remaining five one-bedroom properties are priced at £215,000, about 45% less than the average house price for the area.

The total cost of the homes, including mortgage repayments, service charges and ground rents, has been set at no more than one-third of gross median incomes.  

Homeowners would have to reapply the same buying formula if they were to sell the homes, meaning the prices of the Unity Way homes will rise with average incomes.

London CLT said: “It’s clear how much these new homes will benefit the local community and we look forward to working closely with the local residents and the project team, bringing our extensive project delivery experience to ensure the homes exceed expectations.”

These 11 community-led homes are the first to be funded by the Mayor of London’s £38 million Community Housing Fund. The fund aims to create up to 500 community homes by the end of 2023.

Earlier this year, Mayor of London, Sadiq Kahn said: “This shows what can be achieved when community builders work together with City Hall and local councils. I look forward to seeing the progress of this and other community-led housing projects across London in the years to come.”

Work on the site started earlier this year as a result of the Greater London Authority funding agreement for £990,000 from October 2020.

Architecture company Archio are working on the houses with Rooff construction after drawing up the initial plans to deliver the project in 2016.

Construction is ongoing, with the homes expected to be ready for local residents by summer next year.

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