Plans for a development of 518 homes in Bexleyheath town centre opposite Cineworld cinema will go before Bexley’s Planning Committee tonight.
You can see an in-depth look at plans here. There have been some revisions since then.
Plans to pedestrianise the northern end of Highland Road have been dropped.
The colonnade, as seen above, has been removed.
Window size increased in places.
Car parking spaces reduced from 44% to 40% of properties.
Just 20.8% was to be so-called “affordable” housing, and that was made up of 100% shared-ownership. Shared-ownership is a wheeze whereby today’s buyers pay for around a 30% stake in a property for the same price that would have bought an entire home in previous decades, such is price growth over the past 10-20 years.
Shared Ownership is a way to prop up high prices. Buyers then have to fork out rent in addition on many occasions.
Where will it end up? A 5% stake? 2%? Or will prices reduce to long term average when comparing wages to prices?
What is affordable?
The GLA have called the use of shared-ownership alone and low percentage of affordable homes “wholly unacceptable”.
They stated they were “robustly” looking through the viability assessment provided by developers to justify that level.
Since then, the percentage has increased to 22% with 73% being “affordable” rents yet there is little on what type of “affordable”. There’s now many variables, with some still out of reach to those even on average wages of £30k a year.
When someone in a skilled job that pays well cannot afford an “affordable” flat then does the term mean a thing?
Almost all UK developers will claim a profit margin of at least of 20% is needed or a project is unviable.
The meeting commences at 7:30 pm at Bexley Civic Offices in Bexleyheath. The agenda is here where you can view proceedings on a webcam.