Newham Council housing company launches at Upton Park
PUBLISHED: 12:51 21 March 2017
A new housing company that aims to deliver affordable rental properties for Newham residents was unveiled at the site of the first homes to become part of the scheme - West Ham's former Upton Park home.
The Newham Council scheme, which is yet to be named, will see properties purchased from a variety of developments across the borough.
At Upton Gardens, 211 of the 842 homes will be part of the scheme.
Speaking at this morning’s launch, the Mayor of Newham, Sir Robin Wales, explained: “They’ll be at either 40 per cent, 60pc or 80pc of market rent, and the amount you pay depends on your income.
“By paying less rent, residents will have the chance to save for a house deposit, giving them an opportunity to get on the housing ladder.”
He added: “The Boleyn Ground is an iconic site and I want to ensure Newham residents have the opportunity to live there.”
The company is the third to be set up by the council to try and deal with the borough’s housing crisis.
Local Space, a social landlord company, was set up in 2006 to provide homes for families in need of accommodation.
The second company, Red Door Ventures, was created to build new homes in the borough, offering some at market rent to subsidise others at affordable rent.
Newham Council has worked with City Hall to ensure it supports the Mayor of London, Sadiq Khan’s London Living Rent initiative, where rents are based on a third of average household incomes.
James Murray, deputy mayor for housing and residential development, said: “I think there is a huge demand for affordable housing across London.
“Newham is playing its part in building a large number of homes.
“I welcome these innovative plans that will contribute to building more affordable homes and meeting the housing challenges our city faces.”
Stephen Thompson, operations director of Barratt London, who are developing Upton Gardens, added: “We are committed to delivering a new, high quality residential neighbourhood providing the new homes which the London Borough of Newham so desperately needs.”