Richard Carr believes David Cameron’s recent promise to spend £140 million on regenerating housing estates in the UK will help increase the stock of affordable housing and make communities far more attractive to first time buyers.
Cameron refereed to some of the UK’s most rundown housing estates as ‘Sink Estates’ when announcing the £140 million fund. He explained that the government will work with 100 housing estates to either bulldoze them and rebuild or to radically transform them.
“Within these so-called sink estates, behind front doors, families build warm and welcoming homes. But step outside in the worst estates and you’re confronted by brutal high rise towers and dark alleyways that are a gift to criminals,” Cameron told propertywire.com.
Secretary of State Greg Clark believes that the worst estates off huge potential for regeneration and to becoming thriving communities where people will want to live. Thousands will benefit by providing high quality homes.
Richard Carr does question how this will help increase the stock of homes in the UK. It will make areas more attractable to a wider spectrum of people, but it won’t address the serious issue which is that there aren’t enough homes coming onto the market to meet the demand.
However, Savill’s research director Yolande Barnes believes that the regeneration scheme can deliver more homes: “research shows that housing estates can deliver more homes and be made into better neighbourhoods by re-integrating them into the wider street network and creating or repairing the streetscape,” she said.
The announcement has received wide spread praise with the British Property Federation being one of the first to praise the proposals.
“There are some very old council estates that are in need of regeneration, but that process must treat existing residents fairly,” said Ian Fletcher, director of policy for real estate at the BPF.
“The Government is therefore right to put some sorts of guarantees at the forefront of its policy and encourage a partnership approach. There are investors in our membership, pension funds and the like, who will be very interested in how they can contribute to those partnerships.
“Communities need not only homes, but jobs, schools and green spaces and other leisure opportunities to create places people want to live in. If the Government gets this right it could be some of the best use of £140 million it has ever spent,” he added.
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