A new revolution in the future of housing in London
A bold vision adopted from America called CLT, Community Land Trust, is coming to London. A popular type of housing seen in cities such as Seattle but had never been tried in any urban area in the UK before.
CLT’s offer the chance to buy a flat/house in an affordable way due to the land underneath the property. The land is held in a trust for the sake of the community and the prices pegged to local incomes. In a City like London, hyper-inflated land values make up a large chunk of the property’s price. So buying a CLT home means you are necessarily only paying for the bricks making it noticeably cheaper than a traditional property.
A location has been secured in a derelict mental hospital on Mile End Road. These properties are set to be on sale March 1st. They will cost a third of the market rate (£130,000 for a one-bedroom flat, rising to £235,000 for a three bedroom place) — and they’ll remain affordable for ever.