Hammersmith & Fulham is now the third most expensive borough in the country in which to buy a home, according to the latest data from Rightmove.
Hammersmith & Fulham (H&F) is up from fourth to third in the list of most expensive boroughs after prices surged 11.8% on average on the previous month. Residents struggling to get a foot on the housing ladder is an issue long recognised by the council, and help is at hand after the council announced plans to team up with developer Stanhope Plc to form a 15-year 50:50 joint venture. The first phase of this innovative agreement will see more than 300 homes built in total over the next five years.
The council has initially identified two opportunities in Fulham – Watermeadow Court Estate and Edith Summerskill House.
It is expected that in the first phase of development 40 per cent of the redeveloped homes will be affordable housing sold at a discounted market rate to help local people take their first steps onto the housing ladder.
More than 5,000 people have now approached the council asking for low cost homes to buy while there are only 960 on its social housing register.
Existing local social tenants who are on the council’s Home Buy register will get first refusal on all of the discounted new homes.
The council’s own new build programme is already well underway and sees the council converting underused bin stores, pramsheds and garages on council estate land into flats that are sold at a fraction of the market rate.
The council has also appointed City House Projects to deliver its Rational House product using modern methods of construction, with the first homes to be built on the Spring Vale Estate in Brook Green.
The homes are made of pre-made panels off-site, before being winched into position. This is the first time in the country that homes have been built in this manner in such a large quantity.
Councillor Andrew Johnson, cabinet member for housing said:
“Hammersmith & Fulham is one of the most popular and therefore densely populated boroughs in London but unless you are wealthy it is very hard to get on the housing ladder.
“We are determined to create a ‘Borough of Housing Opportunity’ so that hard-working people on middle incomes can afford to buy their own homes.