TRULY AFFORDABLE HOUSING: THE ESTATE WILL RETAIN SOME OF THE NEW HOMES AND LET THESE TO LOCAL PEOPLE AT TRULY AFFORDABLE RENTS - CALCULATED WITH REFERENCE TO LOCAL INCOMES, NOT MARKET RENTS
What is truly affordable housing?
The basic concept of the Truly Affordable Housing is that The Estate would retain ownership of a percentage of the new dwellings which would be ‘designated’ by the estate as Truly Affordable Houses. These homes would then be offered in a form of affordable rent to qualifying persons and would include a range of houses of different sizes so The Estate can offer a varied mix. The Estate is open to the concept of different tenure lengths – e.g. 1, 3, 5 years, which provide a degree of security of tenure for the occupant.
The Estate can ensure that nobody can abuse the system, for example, by preventing any party from purchasing a house at a discount and then selling for a significant increase value at a later date. It also ensures that there is no future loss of the truly affordable housing stock.
What does it cost?
If the truly affordable homes were offered to rent now, in the current market, then the proposed rentals that The Estate would offer are as follows:
Two bedroom house/flat: £650 - £750 per month
Three bedroom house: £770 - £870 per month
Four bedroom house: £975 - £1,100 per month
For comparison, the current equivalent cost of renting a market house is around the following:
Two bedroom house/flat: £1,200 per month
Three bedroom house: £1,500 per month
Four bedroom house: £2,000 per month
The current equivalent cost of an affordable rented property in Beaconsfield is:
Two bedroom house: £960 per month
Three bedroom house: £1,200 per month
Four bedroom house: £1,600 per month
The Estate has calculated these figures as a proportion of the income levels of those people who are likely to qualify for the truly affordable houses and would suggest that they are reviewed every two years.
Who would be eligible?
The Estate’s aspiration is for truly affordable housing to benefit two key groups:
local residents who are most in need;
key local workers who are forced to live a significant distance away due to property prices and relative wages.
The Estate are keen to hear from Beaconsfield residents to help identify which parts of the local community would be eligible for the truly affordable properties.