Network Housing Group Growth Plans Boosted With Support From London Mayor
Thursday, 21 March 2013
Network Housing Group, a leading housing provider, will deliver 240 affordable homes for working Londoners locked out of the housing market with £8.25 million support from the Mayor of London. A new commercial arm, Network Living will be created to deliver the homes. The new homes will offer people on low to middle incomes the chance to live and work in London with the choice to rent, save and buy.
The Group was awarded one of the highest levels of funding from the Mayor’s new Housing Covenant. The fund was designed to help hard-working Londoners who are struggling to get on the housing ladder, giving a huge boost to the construction industry and ensuring that London retains its competitiveness as a world-class city.
The funding received will deliver high-quality, affordable homes through six developments in prime locations across North and South London. The first 15 homes, at a flagship scheme on the former site of Menorah private school in Dollis Hill, will go on the market in April this year.
The remaining 225 homes include: 40 homes in Brixton town centre, 76 homes in the heart of Alperton; 19 homes in Streatham town centre, 34 homes close to Wembley Park station; and 56 homes in Colindale.
Network Living, a new commercial business within the Group, is being formed in response to the growing need for more affordable homes for working households locked out of the housing market. It will provide a range of flexible housing options including: intermediate rent, at less than the market rate; private rent; ‘rent to save’, allowing people to save for a deposit; ‘shared equity’ where people can part rent, part buy; and larger shared ownership homes for those who are in need of more space.
The Mayor of London, Boris Johnson, said: ‘I am delighted by the work we are now able to get underway with Network Housing Group. Help for hard working Londoners who would otherwise struggle to own their own homes is exactly the right approach in our quest to ensure a fairer housing deal for the capital. London’s success is built by its workforce and I am thrilled that via my Housing Covenant we are able to work with partners to unlock the door to home ownership for thousands more Londoners. This is just the first in many great initiatives to come’.
Jeremy Stibbe, Network Housing Group’s Business Development Director, said: “We are thrilled to support the Mayor in delivering his ambitions for more affordable home ownership in London. The launch of Network Living will enable us to be at the forefront of providing innovative solutions to the capital’s housing problems.”
The ‘rent to save’ offer helps people pay at up to 80% market rent and save the difference towards a deposit for a share in their home.
‘Shared equity’ will enable people to purchase up to an 80% share in a home, with a loan from Network Living for the remaining equity. They can then purchase the remaining portion after 3-5 years.
The larger shared ownership offer helps overcrowded households who couldn’t afford larger homes on the open market to move up the housing ladder.
Network Housing Group, one of London’s largest developers, will have started 1,300 new homes this year and will develop 3,500 homes over the next four years. The Group builds high-quality homes providing innovative solutions for a range of incomes including homes for rent, shared ownership and outright sale.
NOTES TO EDITOR:
Images supplied are of Menorah school, Dollis Hill, and Ealing Road, Alperton.
- Network Housing Group is a group of registered housing providers – Community Trust Housing, London Strategic Housing, Network Stadium Housing Association, Riversmead Housing Association, Willow Housing and Care – and Solon Community Network, an independent resident consultancy. The Group collectively owns and manages around 18,000 homes across London and the South East. Its aim is to provide the maximum number of homes and the best value for money to support its residents and neighbourhoods. The Group provides strategic leadership and co-ordination, development and corporate services to its members.
- Network Living will be the commercial arm of the Group providing a range of flexible housing options in London and the South East.
- On 28 September 2012 the Mayor launched a new housing covenant to provide homes for working Londoners. This came in two parts with up to
£100 million of capital investment and a commitment to improve working Londoner’s intermediate housing options through deregulating the market and cutting red tape.
- Network Housing Group is a top 10 developer (Inside Housing’s list of developing housing associations).