A London council has come up with a radical solution to
the capital’s housing shortage by purchasing a block of flats which it will
rent out to private tenants at below market rate. In what is believed to be the
first initiative of its type in the country, Barking and Dagenham has bought
100% of a private development from construction company Bouygues and will
release 144 new homes on to the market for private renters in October. The
development also includes social housing but as part of a regeneration scheme,
local councillors decided it should also try to tackle the wider housing
shortage. Anyone who earns less than £66,000 per year is eligible for a one or
two bedroom property while the cap for a three- or four-bedroom property has
been set at £80,000. Read more on the Guardian website.
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