On my way up Bloomfield Road to our Eglinton Road listening canvass on Saturday morning, I spotted up towards Plumstead Common Road, this brand new block of yellow brick flats advertised as shared ownership on the market from £42000 for a 25% stake.
Under this scheme, you can own between 25-75% depending on your circumstances, and pay the rest in rent. It is one way (introduced by the last Labour Government) to bridge the gap if you don't have the savings or earnings for a mortgage on a flat or house but cannot find a decent rental property.
At least you get something back for your investment when you decide to sell and move elsewhere. It was brought home to me talking to some Woolwich Common residents who were privately renting just how extortionate rents can now be for private tenants in Woolwich - often £1000 per month for a 1 bed and £1200+ for a two bed. Sometimes, these are leasehold properties bought from the council at some stage under Right to Buy. So someone can be renting from the council paying £100 a week with a secure tenancy while next-door in a private flat, their neighbour will be forking out £225 per week with repairs neglected and the danger of being given notice at any time. While there are many good private landlords who adopt the highest standards on safety, security and repair - there are many absent, draconian landlords who do everything by cash or through shady middle-men (or women).
For many, it is a constant drift from one sub-standard property to another trying to keep head above water. This is why I strongly support a landlord registration scheme like that pioneered in Newham http://www.newham.gov.
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