Home ownership stands at a 30-year low, and with almost half of young adults now renting privately the idea of getting a first foot on the property ladder remains a frustratingly distant dream for far too many.
Leeds, like many cities in the UK, is struggling with affordability problems. Renters in decent jobs in the city are unable to save enough for deposits, while a long-term squeeze in social housing means there are few genuinely low-cost homes on offer.
Instead of waiting for Her Majesty’s next government or the big developers to ease the crisis, one small community group has decided to get their hands dirty and ensure there are more affordable homes in the city.
A growing number of CLTs are loosening the grip large developers have on house-building
Leeds Community Homes is one of a growing number of community land trusts (CLTs) attempting to loosen the grip a tiny number of large developers have on house-building. “We want to create people-powered housing,” says founding member Rob Greenland. “We have a long-term vision of creating 1000 affordable homes in the city.”
Earlier this month, The Big Issue reported on the completion of London Community Land Trust, a ground-breaking CLT project, which obtained 23 new homes on the site of a redeveloped psychiatric hospital and sold them at roughly one third of market value – a feat made possible through the game-changing idea of linking house prices to local earnings.
Leeds Community Homes has raised £360,000 through a community share offer, and has now forged a deal to build its first 16 flats in the city centre. While nine will be made available for discounted rent, seven will be sold at 60 per cent of market prices, in line with what members believe the city’s would-be first-time buyers can afford.