The London-Wide Initiative

  

Background

In late 2003, English Partnerships launched the London-Wide Initiative (LWI), a government-backed scheme which enables key workers to buy their own homes. English Partnerships has purchased range of 15 development sites across Inner and Greater London to deliver new, affordable homes in collaboration with the Housing Corporation.

The LWI is a shared equity scheme whereby the cost of the property is split between the Government and the homeowner. Unlike shared ownership schemes, where purchasers pay both a mortgage on their share of the property and rent on the part retained by a landlord, purchasers do not have to pay anything to finance the government’s stake. The LWI shared equity scheme makes homes more affordable for key workers by reducing home ownership costs as a percentage of monthly outgoings.

The LWI will deliver up to 5,000 homes of which around 1,500 will be available for key workers. Three development partners have been selected to work with English Partnerships; First Base, Key London Alliance and a consortium led by Countryside Properties plc.

Features of the initiative include:

• A mixed portfolio of sites

• Most sites will accommodate at least 100 units

• Close to public transport

• Provision of both single and family accommodation across the portfolio
  

English Partnerships owns the 15 sites in the portfolio, and these are:

• London Road, Croydon

• Holloway Road, Islington

• Amelia Street, Southwark

• Newington Butts, Southwark

• Lymington Fields, Barking & Dagenham

• Gallions 2, Newham

• Brenley site, Merton

• Catford greyhound stadium and rail site, Lewisham (two adjacent sites)

• Wandsworth Southside, Wandsworth

• Adelaide Wharf, Hackney

• East India Dock Road, Tower Hamlets

• District Hospital, Greenwich

• 1-9 Huntley Street, WC1

• Blackhorse Road, E17

• West Middlesex Hospital

The initiative was given a further boost following a commitment from the Mayor of London to bring forward additional sites through the London Development Agency (LDA). The Gallions 2 site in Docklands is the first site to be made available and is expected to provide at least 300 new homes as part of the LWI.

Current status

First Base completed the first LWI development at Adelaide Wharf in November 2007.  It includes 74 key worker and affordable homes, 73 private homes and 700 square metres of affordable workspace.

Planning permission was granted for two further First Base schemes in August and September in Elephant and Castle.

Countryside Properties and Hyde Housing Association have submitted planning applications for the former Catford Greyhound Stadium and rail site, and Lymington Fields in Barking.