"Tens of thousands of new social housing homes in London should be safeguarded for people who live or work locally, a Labour MP proposed today.
"Gareth Thomas, the deputy shadow London minister, unveiled plans for 'local occupancy clauses' which would mean the properties could only be sold on to people who have lived or worked in the area for at least three years."The legislation already exists for local authorities in National Parks to prevent properties being snapped up as second homes. Mr Thomas stressed that the clauses had helped to reduce property prices by between five and 30 per cent, more typically by between 10 and 20 per cent, and wants them extended to cover other areas.
"The average earnings for full-time workers in Westminster is £43,000, compared with the average house price last November of £778,000, giving a ratio of:1 : 18.1For Harrow, the figures were £29,500 and £308,000:1 : 10.4and Bexley, £32,400 and £227,000:1 : 7In Manchester the respective figures were £24,250 and £92,500:1 : 3.8
"The Housing Market Reform Bill has little chance of becoming law, but puts it more firmly on the political agenda."
Source: Evening Standard
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Summary below from The Guardian:
"Gareth Thomas (Lab, Harrow West) introduced a ten-minute-rule Bill on housing market reform.
"Thomas explained that his Bill sought:
- to amend section 157 of the Housing Act 1985 to extend the use of local occupancy clauses to certain urban areas with the permission of the Secretary of State;
- to increase the qualifying period of local occupancy clauses from three years to either five or ten years;
- to place a duty on the Homes and Communities Agency and local authorities with housing and planning responsibilities to promote co-operative and mutual housing options and report annually in this regard; and
- to require the Homes and Communities Agency, local authorities and the Land Registry to identify land available for housing development which has not been developed and to publish a report on the available options for development of housing on such land."
Brent Cross Railway, and advantages to Harrow: