Construction starts on new affordable homes in Silvertown to help address borough’s substantial waiting lists

Construction has started on 62 new affordable homes in Silvertown, East London by London based housing trust Central and Cecil (C&C), part of housing association Aster Group. It is hoped the new homes will go a small way towards helping address the substantial number of people waiting for an affordable home on the borough’s housing list.     

Located on North Woolwich Road on the site of the former Ibis hotel, the new homes, will be a mix of one, two and three-bedroom flats. All the new homes will be available on an affordable basis, with 32 flats for affordable rent and the remaining 30 for purchase through shared ownership.

Shared ownership provides an affordable way onto - or back onto - the housing ladder. Buyers purchase a share of a property and pay rent on the remaining share. This reduces the size of the initial deposit required and if they want to, purchasers can buy more shares in their property (known as staircasing), eventually leading to outright home ownership.

Amanda Williams, chief investment officer at Aster, said: “The lack of good quality affordable homes to both rent and buy in London is well documented. These 62 new homes will unlock some affordable housing options for those looking to live in the area, perhaps to stay close to family and friends. The mix of one to three-bedroom properties means we have something to cater for a range of people in the community, from individuals and couples to families and the older generation too.

“With average London house prices breaking through the £500,000[1] barrier, those looking to step onto the housing ladder in the capital, will now have a more affordable route to home ownership in Silvertown.”

The new homes are part funded by the GLA - Homes for Londoners: Affordable Homes Programme 2016-2023 and are due to be ready for occupation in 2025.

Construction is being delivered by Fairview New Homes - one of two deals that C&C has recently signed with Fairview in London, and the first schemes contracted on since C&C joined Aster.

For further information please visit C&C.

[1]  House Prices in London (rightmove.co.uk)