- London Community Land Trust is tackling the capital’s housing crisis head-on. Instead of maximising the profit from building houses, it sells them at prices people can afford by not taking the profit, and passing on the difference to the new owners on a genuinely affordable basis, defined relative to average local incomes
- It will keep it that way, by connecting the cost of its homes to earnings rather than house prices, and carefully keeping control of future sales so the houses will be affordable for generations to come
- It removes the kind of property speculation that contributes to housing boom-and-bust at the same time as giving residents a stable home for as long as they want it
- London CLT’s 2016 Community Share Offer closed at £488,960
- The share offer was supported by Resonance who helped develop a forecast pipeline of between 160 and 220 homes on sites across London. All homes will be permanently affordable based on local incomes, and will house over 700 people who would otherwise never have a place of their own in London
- The CLT’s Community Share Offer was a crowd funding effort that offered a potential 5% annual return on money invested; members each invested from £100 upwards
Published in March 2018
