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New flats in a shaky market

14 September, 2017 — By John Gulliver

Homes come on stream in Maiden Lane

ANOTHER block of new flats was unveiled this week under the council’s pioneering Community Investment Programme – this time in the Maiden Lane area, off York Way.

And, judging from comments of potential tenants, the flats are swish, spaciously designed, with a quality you would normally find in a private block.

Despite this, rents appear to be pretty average for a council property – in a five-storey block, a one-bed flat, for instance, is £138.62 with rents rising to £163.07 for a four-bed one. This all pivots on the sale of nearly half of the 273 units with a one-bed flat starting at £545,000.

An innovation is the introduction of higher rented flats, known as “intermediate”, with rents for one-bed flats starting at £195, rising to £452.20 for a three bed flat. As I understand it, these are meant for the higher earners, who cannot get onto the property ladder.

The success of the programme will turn on the saleability of the private flats – and how quickly this will occur in an uncertain market remains to be seen.

Meanwhile, more news on the empty flats in the other CIP block in Vicars Road, Gospel Oak, that the council had been unable to sell.

Now, apparently, sales are beginning to move forward, and six offers have been accepted, though none has exchanged.
Authors of the programme will feel less anxious but, as I said, the London property market is far from steady.


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