Community Land Trust
To begin with, a Community Land Trust is a form of shared ownership of equity whereby it uses public and private investment funds in order to acquire land on behalf of a community. As a result of this, the CLT owns this land indefinitely, therefore the people who purchase forms of property on this land only purchase said property as opposed to the land in which is on. This results in the houses being cheaper and more affordable for the community. The idea of a community land trust coincides positively with our site due to the extremely high house prices in London as a whole. For example the average house price in Newham is £210,000.
In relation to the vision of the site, we believe that by implementing a community land trust, many benefits will be reaped that will overall help the community with the extortionate waiting list for housing in Newham. We aim to have both the public and private sector being involved within the site with private purchase whilst the community still being involved and being able to voice their opinions. We believe this is the best way of delivering our site because it coincides with the range of public and private sectors on the site as well as allowing the community to regain trust in those who run their living area.
As shown above, the entirety of the south and west side would fall under the idea of a community land trust in order to make the houses affordable for potential residents. These houses would boast immaculate views on to the rest of the site as well as the nearby Thames.
