New affordable homes help regenerate industrial site
A new housing development which will regenerate a rundown former industrial site has been unveiled by a prominent MP.
Margaret Hodge has officially opened the first of 73 new affordable homes in her London constituency. The homes have been built by not-for-profit housing provider Home Group on the site of a former factory in Barking which had been abandoned in 2012.
The development will provide affordable rental homes for local people on waiting lists and also shared ownership homes helping first time buyers to get a foot on the property ladder.
The £10.7m scheme forms part of Home Group’s commitment to deliver new homes in the capital as part of its Greater London Authority Affordable Housing Programme.
The one, two and three bedroom apartments are being built on Loxford Road and are expected to be completed by early 2015.
Mrs Hodge, said: "I am delighted that much needed homes are being built in the Borough. These shared ownership and affordable rental homes are great news for young people in the Borough. Residents now have a more affordable opportunity to get on to the tough housing ladder."
The homes have been built on the site of a former chocolate factory which became vacant when the business relocated and have been partly financed with a £2.3m GLA grant.
Brian Ham, Home Group executive director of enterprise and development, said: "We’re delighted that Margaret agreed to unveil these first homes. As a long standing constituency MP she is all too aware of how the housing market has changed during the last two decades.
"People in London searching for a place to buy, and those looking for an affordable rental home, face increasingly tougher challenges. Affordable housing is creeping up the political agenda.
"Only last week we saw Margaret’s party published the Lyons Review, which was commissioned to look into the issues of the housing crisis and propose possible solutions.
"By building on a brownfield site we have been able to help revitalise this area. As a not-for-profit housing provider it’s very important to us to build communities. We firmly intend to continue building communities and providing new homes throughout London."
Residents for affordable rental properties will be allocated by the local authority. Shared ownership homes will be available for local people from just £51,625 based on a 35% share of a 1 bedroom apartment valued at £147,500.
Further information on the properties can be found at http://www.buyahomehg.com/.