Senior councillors at the London Borough of Barking and Dagenham have given their backing to the creation of a lettings company to allocate and mange 477 homes being built for rent through an innovative partnership deal.
The company - called Reside - will oversee the homes currently being constructed at the Eastern End of Thames View and in the William Street Quarter under a 60-year deal between the council, Laing O’Rourke investment arm Explore Investment and asset developer Long Harbour.
The homes, the first of which are expected to be ready for occupation at the end of 2013, will be offered for rent at 50 per cent, 65 per cent and 80 per cent of market rates.
Properties in the last two categories will only be available to working people.
Councillor Phil Walker, Barking’s housing lead, said the move was aimed at helping people who could not afford to buy a home but did not qualify for council housing.
“Inevitably, they end up in private rented accommodation which can be extremely expensive which traps them further because they are unable to save for a deposit due to the high rent,” he said.
“They are the forgotten victims of Britain’s housing crisis, and through Barking and Dagenham Reside, we want to offer them new hope.”
Walker said the 65 per cent market-rent offer would be extended to cover new council housing built in other renewal areas, such as Leys and Goresbrook Village.
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