BARKING and Dagenham Council has been praised for building the most private rental homes in the capital.
The Barking based ’Reside’ scheme, on the Gascoigne estate, was highlighted by The Future for London report as having a positive impact on housing supply, with 621 private rented properties built and 200 under construction, expected to be completed in February 2018.
Councillor Dominic Twomey, deputy leader of Barking and Dagenham Council criticised the struggle to get on the property ladder faced by young Londoners.
He said: “London’s housing crisis has created generation rent who are often struggling to pay an extortionate amount of money.
Cllr Twomey revealed that the Reside scheme was started as a consequence of the problems young people face in moving out of their family homes.
“This is ultimately bad for the economy – it’s why we launched our pioneering Reside scheme in 2012,” Mr Twomey said.
The amount of homes built and under construction under the scheme exceeds every other London borough. Properties are rented out between 50 to 80 per cent of the market rate.
Income generated from the scheme is used to fund services and ’soften government cuts’.