Bellway Homes have submitted a planning application for 89 homes at Phase 5 of their Lowfield Street development in Dartford.
The entire development is on land that Tesco held for many years without building, and runs from Market Street in the north down to Fairfield Leisure Centre in the south.
The plot has been split into five phases – though one of those is itself split into two:
- Phase 1 – 188 Units
- Phase 2 – 172 Units
- Phase 3A – 116 Units
- Phase 3B – 90 Units
- Phase 4 – 71 Units
- Phase 5 – 89 Units
The total number is 726 homes.
Phase 5 comprises three blocks of five floors in height.
The blocks have inactive, dead frontages on much of the site, due to car parking being located at ground level behind.
Earlier this year I covered plans for Phase 4.
It’s clearly too expensive for Bellway (profits of £2 billion over four years including £674.9 million in the year per-covid) to build to higher quality design.
Just over 10 per cent will be “affordable”. It’s funny how housebuilders are always on the breadline when it comes to providing “affordable” housing in viability reports, then annual financial results come out and not only do they make substantial sums nationally, but the profit margin per unit is substantial.
Bellway have seen over 20 per cent margin per new home over the past five years.
Aided and abetted by Government policies.
And it needs stating again hat “affordable” isn’t even social or council homes, but homes which usually still require an income of at least £30,000 per year.
Often under the guide of shared ownership where a buyer will need to pay rent in addition and pay a service charge.
The rent increases annually at the highest level of inflation to boot – the Retail Price Index.
Using Help to Buy? That loan is CPI+2 per cent increases per year.