Earn Too Much For Council Housing? Camden Is Here To Help

Rachel Holdsworth
By Rachel Holdsworth Last edited 26 months ago
Earn Too Much For Council Housing? Camden Is Here To Help
Image taken from XY Apartments website, a new block containing shared ownership flats being built near the Maiden Lane Estate.

Camden Council has decided to launch its own housing company for people who don't earn vast amounts — but too much to qualify for social housing.

Camden Living will start off renting out 52 flats on the Maiden Lane Estate, currently being regenerated. The flats were originally earmarked for sale as shared ownership, but the council has acquired them for letting out at 'intermediate' rent.

Intermediate rent is around 60%-80% of the local market rate, and in London is available to households with an income of less than £66k a year. Camden is aiming at households earning between £30k and £40k a year.

A Centre for London report last year found that intermediate housing — which includes shared ownership — accounts for less than 2% of London's housing stock.

The leader of Camden Council, Councillor Sarah Hayward, said "new shared ownership homes are becoming increasingly unaffordable to residents due to continued increases in market value and the huge deposits now needed. By acquiring homes earmarked for private sale through the Community Investment Programme and letting them for intermediate level rents we are widening the rental offer available to our residents".

The council plans to use any rise in the value of its newly acquired assets to "generate more funding" (which we take to mean: use as collateral against loans) to fund new schools, homes and community facilities.

Last Updated 11 April 2016

dweller88

A single person earning £20k slips between both of these categories. Also ,even if you were born and work in Camden, by this point you've already been priced out of living in the borough so won't qualify for this I imagine. Oh well, it is something I suppose.

Kay

I still think £66K is low for that category. This is London, there are plenty of households making between £70-100K who are extremely squeezed as well. If two people make £35-40K each and they want to rent a place in Camden, they are looking at paying around £24-30K a year in rent for a 1 bedroom apartment. After tax + rent, they are left with £15-30K roughly. That may sound like alot, but when you factor in all other expenses, they are probably struggling and in need of some form of short term debt. Dont get me wrong its great that Camden are thinking outside the box, but we need more of that thinking London-wide and to be supported by the Mayor, unfortunately currently only interested in building mega condos for the wealthy or shared housing for the low income. The big middle is losing out. The solution now is to just keep living further and further away from the centre, thus emptying London and leaving the extremes.