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Delivering Estate Renewal Future of London

6th November 2014 David Lunts Executive Director, Housing & Land GLA

‘Politics’ is never far away

In the beginning‌.

Holly Street LB Hackney

Kidbrooke (Ferrier Estate): Berkeley/RBG/GLA

Acton Gardens Countryside/L&Q/LB Ealing

Wornington Green Catalyst/RBK&C

Woolwich Three Estates Lovell/RBG

Woodberry Down Berkeley/LB Hackney

Blackwall Reach LB Tower Hamlets/Swan/GLA

Heygate, Elephant & Castle LB Southwark/Lend Lease

And finally‌..Aylesbury Notting Hill HT/Barratt/LB Southwark

Where are the estates? • 25% of total stock (c800k homes) • 33% of Inner London stock is affordable • 18% Outer London • RTB @ 34% of total

60,000 50,000 40,000 30,000 20,000 10,000 0

Percentage affordable 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00%

Total affordable

Today’s London context • • • • • • • •

>100 schemes, 35,000 home pipeline Projects led by range of organisations: Joint Ventures; house builders; master developers; HAs and boroughs Place making, mixed communities and opportunities for broader regeneration Uneven record across boroughs Drive to optimise use of public land Pressure on HRAs and HA asset management Stock condition (90,000 non-decent homes) Strong values create opportunities for cross-subsidy

Estate regeneration: pressures • • • • • • • • • • •

Local resistance to disruption & change Cost and risk (inc. CPO) Time (cost & politics) High dependence on cross-subsidy through sales Valuations? RTB Decanting Limits to densification Service charges Absence of gap funding programmes Local capacity and experience

Policy solutions & options • • • • • • • •

Deferred land purchase Joint ventures/risk sharing partnerships Flexible funding (Housing Zones, LHB etc) New £150m estate regeneration fund (low cost loans) HRA self-financing & borough direct development Broader definition of ‘no net loss’ policy Wider mix of affordable products Collaborative effort and skill sharing

Delivering Estate Renewal  

Presentation from David Lunts, Executive Director, Housing and Land, GLA, given at Future of London's conference.

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