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London Community Land Trust (CLT) is raising finance from a community share offer in order to build 12 affordable homes in Lewisham. This is their second scheme as part of more than 100 they hope to build across London. The project was mentioned during the Mayoral Hustings with both candidates supporting the plans to build more affordable homes in London to keep families together and build sustainable communities. This has given momentum to the scheme which has £160,000 to raise to reach its £450,000 target.
What does ‘affordable’ actually mean? London CLT’s definition is prices that are linked to local median incomes. A far cry from the distinctly unaffordable market prices in today’s London.
In reality that means on their first development at St Clements in the east end, London CLT is selling 2 bedroom flats for £182,000 where market prices are £450,000. That’s a first for the first urban CLT in this country.
With over 1,500 members already, London CLT would like you to join the movement, help them build the homes in Lewisham, and bring forward their next 100 homes at the Olympic Park, where the Mayor of London has pledged a CLT.
The London Evening Standard thinks London CLT might just be the start of a revolution and the BBC’s Sunday Politics show did a short film to explain how it works:
Share Price: £1
Minimum Investment: £100
Maximum Investment: £100,000
Investment Proposition Key Facts:
Impact: Affordable Housing
Target Raise: £450,000
Expected Returns: 5%
Assets: Residential homes
Open for Investment: Fully subscribed