The move comes after developer Countryside Partnerships failed to receive any ‘viable offers’ for the homes, reports Sebastian Mann, Local Democracy Reporter
Waltham Forest Council is looking to turn 81 homes into ‘affordable housing’ after they struggled to be sold.
The homes form part of Hepworth Place, a 433-strong development surrounding the town hall in Walthamstow.
In November last year, Waltham Forest negotiated with its development partner Countryside Partnerships to remarket Willow House from 50% affordable housing to 100% build-to-rent.
As a result, the affordable homes previously allocated for Willow House were moved to block-H in order to keep the level of affordable housing in Hepworth Place unchanged.
Affordable housing is defined as homes aimed at people who cannot afford the current market rate, and therefore enter into shared ownership schemes with councils or property managers.
However, Countryside Partnerships received “no viable offers” from registered housing providers for the 50 homes in Block-H over a six-month period, apart from “firm interest” from an unnamed London borough council.
The lack of viable offers means Waltham Forest now has the chance to put in an offer of its own, and the proposals will go before top councillors at a cabinet meeting next week.
The council’s housing department says the move will “protect and expedite” the delivery of affordable housing at Fellowship Square, increasing the share from 50% to 67%.
It will also increase the council’s supply of social housing, which it says will reduce the financial pressure of temporary accommodation – one of the biggest financial burdens on the council – by around £1million.
The cabinet approved a similar scheme last year when it purchased 53 homes in Hepworth Place using revenue from right-to-buy sales.
At the time, council deputy leader Ahsan Khan, who also oversees housing in the borough, said: “By securing these homes, the council is ensuring that the funds from Right to Buy are put to good use locally, rather than being returned to the central government.”
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