The Government’s Help to Buy scheme, has been called out for favouring the better off i
More attention should be paid to the communities who are developing innovative solutions to help people buy their own home says Community Led Housing charity, as questions are raised over the effectiveness of Help to Buy.
The Government’s Help to Buy scheme, has been called out for favouring the better off instead of the low and medium earners it was intended for, with Labour saying the programme needs refocusing.
In response to the reports, The National Community Land Trust Network has said how the success community led housing is having in delivering genuinely affordable housing for low and medium earners deserves closer attention.
Community Land Trusts (CLTs) are a form of community led housing where communities are coming together to tackle local housing problems and build their own affordable housing. The approach has grown seven-fold in the past seven years.
London CLT are building homes linked to what people actually earn in an area. Their approach means someone on a median income never pays more than a third of that income on housing costs. They are working with community groups in seven London boroughs to develop projects.
Residents moved in to London CLT’s first scheme in east London in 2017. A ten-minute drive from Canary Wharf, 1 bed homes at the CLT sold for £130,000; 2 beds for £182,000. These prices are significantly cheaper compared to market values in the area where 1 bed properties cost £450,000 and 2 beds sell for around £550,000 on average.