The Government has announced a £50 million investment to regenerate London estates, £4m towards a housing delivery around Euston, and £125m to unlock three major brownfield sites in East and South London. However, EachOther can confirm that 60% of housing on two estates won’t be affordable to people living locally.
The new investment will be made available to existing estate regeneration schemes that carry the support of local communities. This funding is on top of the £1 billion allocated in the capital through the Government’s Affordable Homes Programme which can now, be used to support the regeneration of old social housing estates so that residents have homes that are safe, decent, warm and secure.
Secretary of State for Housing Michael Gove stated: “The investment we are making to deliver new homes through estate regeneration, support the massive potential of strategic sites like Euston, and deliver major brownfield sites in partnership with private housebuilders, will keep the dream of home ownership alive for Londoners.”
60% of homes on two sites won’t be affordable for locals
The Department also announced £125 million loan funding which they say will support 8,000 homes in Newham and Southwark through a major regeneration investment. The Government stated that: “Communities in the London boroughs of Newham and Southwark are to benefit from thousands of new homes across three major brownfield regeneration projects.”
The announcements follow a series of failings in UK housing across several years, including, Grenfell, which have brought the need for safe and affordable housing in London to the public eye. The department has stated: “40% of the new homes on two of the sites, which have planning permission, are to be genuinely affordable for local people. The first homes should be ready in 2027 alongside retail and leisure facilities.”
The department confirmed to EachOther that the two sites referenced are: Twelvetrees Park, Newham and Bermondsey Place, Southwark:
- Twelvetrees Park, Newham. The 26-acre site is being transformed into a mixed-use neighbourhood including close to 4,000 homes, of which 40% will be affordable, a secondary school, park, playground and 177,000 square feet of commercial space. The funding will support the second of four phases to regenerate the former depot and coach park.
- Bermondsey Place, Southwark. Nearly 1,400 homes, 40% of which will be affordable, created across a 5.4-acre former light industrial site, alongside a network of public parks, playgrounds, commercial spaces, footpaths and a one-acre civic square. Funding will bring together several parcels of owned land to ignite progress.
8.5 million people in England can’t access the housing they need
According to a report published by the National Housing Federation (NHF), there are 8.5 million people in England who can’t access the housing they need. The NHF stated: “A decent, affordable home is as essential as having clean air to breathe, and should be a right for us all, wherever we live across the country. It is the foundation of our health, happiness and prosperity.”
They continued: “Housing also plays a critical role in a strong national and local economy. Having good housing that people can afford close to work, education and local services acts as a springboard for thriving communities.”
EachOther contacted the department for comment, in response, the department stated: “In a further boost to housebuilding in the capital, the government intends to legislate when parliamentary time allows to remove the block on Homes England’s ability to deliver in London.”
