Between 2017 and 2022, an average of 220 affordable properties were constructed each year in the city
More than 6,700 Preston households are deemed to be in need of housing, but cannot afford to buy or rent even at the lowest market prices.
In order to be classed as ‘affordable’, a dwelling must usually be available for rent or sale at at least 20 percent of local market rates. The category also includes shared ownership and rent-to-buy schemes and is intended for those who cannot afford market prices in their area. Cllr Borrow said that the success was reflected in a growth in proposals for developments in Preston made up entirely of affordable properties.
The study notes that whilst some of those turning to the sector in Preston are doing so as an “active choice”, for others it is the only option to meet their housing needs – and will include “frustrated would-be homeowners” who cannot afford increasing house prices. Against that backdrop, Cllr Borrow said, better regulation of the private rented sector to ensure decent standards was also vital.
While such viability claims are subject to independent assessments undertaken on behalf of the local authority, they can lead to housebuilders being able to deliver fewer affordable properties than would otherwise be required – or even none at all. The assessment suggests the need for an overall affordable tenure split of 88 percent social or affordable rented properties to 12 percent affordable home ownership.
It also called on the government “to rebalance the housing system so there are affordable housing opportunities for all by 2045”.
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