Southwark: New measures set to make housing more affordable in the borough
Southwark Council has announced a new scheme designed to make housing more affordable for cash-strapped families in the borough.
The council said that almost half of residents in the borough are earning less than £15,000 and some 36,000 currently live in council housing.
As a result, the council has stepped forward to help those on low-incomes.
A range of affordable housing options were considered and new measures were agreed at a cabinet meeting to help keep council rents below £100 per week on average.
Over the last four years, the council has made efficiency savings of £27.5 million in its Housing Revenue Account, which enables the budget to absorb the impact of the lower rent increase without affecting service delivery.
Councillors also agreed to keep future rent increases to the Consumer Price Index (CPI) plus one per cent over the next four years.
Commenting on the developments, councillor Ian Wingfield, cabinet member for housing, said that previously, high costs had forced many families to visit food banks.
But he added that these measures would help to combat poverty in the borough.
"These are desperate times for many people and we will do everything we can to help. By being prudent with the financial management of our housing revenue account and halving the rent increase, we aim to keep rent below £100 per week," he explained.
"We're already ranked eleventh cheapest rent in London of 333 boroughs and I intend that Southwark continues to be one of the least expensive places to rent in London."
In addition to the low rents, Southwark Council will invest £326 million to make every council home warm, dry and safe.
It plans to extend these standards to the private landlords, by adopting a Southwark Standard for homes in the private sector.
In addition, the council has reaffirmed its commitment to building 11,000 new council homes, at target rent, over the next 30 years.
Published 17th February, 2014
© 2014 Estates IT Limited
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Southwark has announced measures to make housing provision in the borough more affordable.