The Mayor of London, Boris Johnson, has announced his intention for funding for two new schemes to help Londoners into affordable home ownership and accelerate the delivery of new homes – during a visit to the Erith Park regeneration project in Bexley, London – masterplanned and designed by architecture, urbanism and design practice Broadway Malyan.
At Erith Park, being delivered by Orbit Group, in partnership with Wates Living Space, London Borough of Bexley and the local community, the Mayor unveiled plans to give a £180m funding boost through The Mayor’s First Steps Challenge Fund, which aims to accelerate the delivery of 4,000 new shared ownership homes between 2015 and 2020.
The fund is being made available on a recoverable basis so that money can be reinvested to provide more opportunities for affordable home seekers, helping achieve the Mayor’s aim of assisting 250,000 Londoners into low cost housing by 2025.
He is also giving up to £45m of loan finance to Gentoo Genie for a new innovative housing product where buyers will need no deposit or mortgage to purchase their home and at the end of the agreement customers own 100 per cent of the home outright.
Erith Park has 80 per cent affordable rent and shared ownership homes. On his visit the Mayor joined two families which will be moving into shared ownership homes for their first visit to the new houses. He also met one of the residents of the former estate who moved into her new home in December.
The Mayor has awarded £23m to Erith Park from his affordable housing funding. The site was formerly known as the Larner Road estate, which originally had a large number of single occupancy flats and suffered from high crime levels, making it undesirable for many local families.
Boris Johnson said:
“Erith Park is testament to the number of well-designed affordable three-bedroom family homes with gardens that can be delivered with good planning, major regeneration and investment. I want the funding announced today to help thousands more Londoners own homes and create more developments like Erith Park delivering excellent affordable properties.”
Martin Bates, Director at Broadway Malyan, which was a significant contributor to the Mayor of London’s Housing Design Guide, said:
“The first phase partial occupation of Erith Park, marked by the Mayor’s visit today, is the result of a strong team partnership involving our masterplanning and design experts. It’s a major milestone in the delivery of a truly transformational project that will change lives and make a significant contribution to the Mayor’s vision for new housing in the capital.”
The first part of the major regeneration project will deliver 343 new homes, including three and four bedroomed family homes with gardens, with a three-bedroom shared ownership house costing approximately £240,000. Erith Park will provide a mix of homes for affordable rent, shared ownership and outright sale and will include 60 of the original households who have chosen to remain in the area.
Phase 2 of the scheme will include 244 homes and, subject to planning permission, Orbit anticipates starting on site by March 2015.