TFL plans to build 3,000 flats above tube stations – but you’ll only be allowed to rent them
At least 40 per cent of flats up for rent will be affordable and will offer long-term tenancies
TRANSPORT FOR LONDON plans to build 3,000 flats above tube stations in London, which will be available to rent.
Woolwich, Kennington and Wembley Park are just three of the locations that TFL hopes to convert into living spaces.
At least 40 per cent of the rental flats will be affordable and will offer longer tenancies of three years or more.
The contracts will also come with break clauses that allow renters to end the tenancy with a month's notice any time after the first six months.
There will be on-site management and tenants won't have to fork out any upfront fees either.
TFL owns 5,700 acres of land in the capital - an area that Buckingham Palace and its gardens could fit in 143 times over - making it one of London's largest landowners.
Where is TFL planning on building the flats?
NOT all of the flats will be above tube stations. So far TFL has confirmed a handful of locations for the developments:
- Nine Elms
- Southall
- Woolwich
- Canning Town
- Arnos Grove
- Cockfosters
- Hounslow West
- Kennington
- Newbury Park
- Wembley Park
The transport network wants to convert spaces above existing and future stations and car parks, as well as empty land that it owns, in a Build to Rent scheme - so not all of the homes will be above tube stops.
The plans are in early stages and not all of the locations have been finalised yet - although TFL has confirmed 10 sites so far.
It is hoped that the revenue generated from rent will help fill a near-£1billion debt hole.
TFL has teamed up with property agent Savills to help look for investors or property developers to lead the project.
The transport body will have a 49 per cent stake while investors would have 51 per cent.
What help is out there for first-time buyers?
GETTING on the property ladder can feel like a hard task but there are schemes out there to help first-time buyers own a home.
Help to Buy Isa - It's a tax-free savings account where for every £200 you save, the government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move.
Help to Buy equity loan - The government will lend you up to 20 per cent of the home's value - or 40 per cent in London - after you've put down a five per cent deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.
Lifetime Isa - Another government scheme, this one gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the government will add 25 per cent on top.
Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25 to 75 per cent of the property but you're restricted to specific ones.
"First dibs" in London - London Mayor Sadiq Khan is working on a scheme that will restrict sales of all new-build homes in the capital up to £350,000 to UK buyers for three months before any overseas marketing can take place.
Starter Home Initiative - A government scheme that will see 200,000 new-build homes in England to be sold to first-time buyers with a 20 per cent discount by 2020. To receive updates on the progress of these homes you can register your interest .
TFL has previously sold land to be developed into homes but these properties have been put up for sale.
This is the first time it is branching into the rental market.
Graeme Craig, director of commercial development at TFL, said: "We want to help meet London's critical need by building thousands of homes at pace, including high levels of affordable homes.
"We also want to create a legacy of high-quality homes across London that will create sustainable long-term revenue for TFL."
The transport group hopes to find a partner by the end of March 2019, and hopes to start construction by the end of 2020.
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London property prices have stalled for the first time in eight years - but first-time buyers still face paying 13 TIMES their income to buy a house in the capital.
But some developers have taken up the challenge of providing affordable accommodation for city dwellers.
The new block of flats is part of London Mayor Sadiq Khan's plan to inject the capital with 116,000 affordable homes by 2022.
Charity worker Emily Rhoades managed to get onto the property ladder five years earlier than planned by purchasing a tiny one-bed flat in London designed to ease the housing crisis.
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