I’ve just come out of the London Assembly Regeneration Committee meeting, where I pressed the London Legacy Development Committee on the mix of affordable homes on the site.
Across the Olympic Park, the aim is only 35 per cent: 12 social rented, 12 affordable rented, and 12 part-rent part-buy for every hundred homes. But it was admitted that it could be as low as 7 of each per hundred, which means that only 20 per cent of homes across the site will be some sort of “affordable”. The rest will be at market rent or for sale.
Doesn’t sound like a very mixed community to me.
There were some welcome bits. They’re bringing forward completion by six year. And the affordable rent will likely be available at half of the market rate.
However, service charges have to be factored in. Are they going to push up the affordable rent element, taking it out of the reach of even more people? We really need clarification on this.