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Council sets out plans to directly build 1,000 new homes
A south-west London council has set out an eight-year development drive aiming to build 1,000 homes, with 600 of them affordable.
Wandsworth Council plans to build the homes across 22 sites in the borough and will max out its borrowing allowance on its Housing Revenue Account (HRA) to do so.
It plans to build 605 affordable homes, a mixture of council rent tenures and shared ownership.
The homes will be targeted at existing residents and workers in the borough, with council tenants encouraged to downsize into the new homes where appropriate. Priority will be given to council tenants living in overcrowded conditions.
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The development plans are among the largest of those announced by councils building directly through their HRA.
Town halls have long called on government to lift borrowing restrictions, with a report this morning arguing that 15,000 new council homes could be built if the government took this step.
Wandsworth will also use reserves, commuted sums and cross-subsidy from market sales, with all profits reinvested to fund the development.
Ravi Govindia, leader of Wandsworth Council, said: “Building Homes for Wandsworth People will provide 600 new council homes as well as for shared ownership, so that residents’ sons and daughters can continue to live in the borough and [so can] working households vital to the local economy and to local services.
“In a housebuilding programme such as this, achieving 60% as council housing and shared ownership far exceeds not only what other councils are doing but also the mayor of London’s own targets.”
A total of 210 homes are under construction or soon to start and the latest plans add another 790.
