Housing is a crucial issue for our area and I know that many local people are working and saving hard to get a foot on the housing ladder.
I want to help them achieve that dream and there is really good news for people across our area who want to take this first step, since Wandsworth Council and the Conservatives nationally have announced additional policies to support all those in work looking to buy or long-term rent a home.
This article shines a light on some of these new housing initiatives and how they could help you. Please also pass this email on to other local people you know who you think might benefit.
Right to Buy for Housing Association tenants
Prime Minister David Cameron has pledged that if the Conservative Party wins the Election he will extend the Right to Buy (RTB) scheme to those who live in housing association properties, with a new home built for every every one that is purchased via this scheme. You can find out more about the plans in the Conservative Manifesto here (page p52). In a further boost to housing supply, the sale of high value council flats that funds this policy will also provide enough funds to build 200,000 new starter homes for the private market.
Right to Buy will also continue to be offered to council tenants.
Other affordable housing options in Tooting
Broadly speaking, if your household income is less than £60,000 pa, you could be eligible to take advantage of affordable housing options. Wandsworth Council have information about these schemes, which include Shared Ownership, and to find out what is available please call 020 8871 6016 or register on the Homes for Londoners website.
Shared Ownership
• buy between 25% and 75% of the value, normally with the help of a mortgage
• pay a subsidised rent on the share retained by the housing organisation
• check with the housing organisation as other criteria may also apply
This scheme is run by a number of housing providers.
Share to Buy
The Share to Buy website from Boris Johnson, Mayor of London details properties in our area which low and modest income Londoners can buy or rent at a price they can afford. There are quite a few options in and around Tooting so please do have a look:
Government initiatives to help private buyers
Help to Buy
• for existing or new-build homes up to £600,000 in England
• requires only a 5% deposit, with the government supplying an equity loan of up to 20% of the property value (to be repaid at a later stage) for the rest
• no loan fees for the first five years
In Wandsworth, Barratt Homes will have properties available in Nine Elms which qualify for this scheme. Information at www.barratthomes.co.uk.
Help to Buy ISA
• the Government provides 25% bonus towards your deposit, so if you save £12,000 in one of these ISAs, the Government bonus will boost your total savings to £15,000
• available for first-time buyers on home purchases of up to £450,000 in London
Looking ahead
There is a lot going on at both Council and London level to help ensure we build the much-needed homes of the future.
Wandsworth Council
Wandsworth Council’s new Housing Offer will see 18,000 new homes built over the next 10 years, taking it to the top of the London league table. It anticipates that about 4,000 of these will be affordable.
I’m delighted by this new strategy as it will significantly increase housing supply in our area and help make renting and buying a house more affordable.
For private renters, some of these new developments will be offered with long-term tenancies (3+ years) as standard.
London Housing Zones
Boris Johnson has announced the first wave of his new ‘Housing Zones’ to boost housing stock in the capital. The Clapham Junction to Battersea Riverside area was named as one of the Zones, and will see 5,000 new homes built over the next decade – many of these will be small affordable ‘starter-homes’.
House-building is now at its highest level since 2007 and picking up sharply. This is thanks to Conservative policies which have reformed planning rules, delivered more construction apprenticeships and improved finance to small builders. The construction industry itself is backing the Conservative housing plan by a ratio of 2 to 1 over the Labour plan and I would urge you to vote Conservative on May 7th so that we can make the ambitious housing plan above a reality.