Arab Press

بالشعب و للشعب
Tuesday, Feb 24, 2026

Where property prices are set by what local people earn

Where property prices are set by what local people earn

A scheme in south London is trying a new approach to property ownership: flats that are only for sale to local people, at prices set according to what local people earn.

"My old landlord actually hugged me, she was so happy for me when I finally got my own place," says Alex Ingram.

The 41-year-old civil servant is delighted with his new one-bedroom flat in Lewisham, in the recently completed Citizens House, a four-storey block of 11 homes.

For the past 18 years Alex has either rented, lodged or lived in flat-shares in London.

This flat cost him £215,000, about 35% cheaper than similar places nearby.

That's because he didn't buy it on the open market. He bought it through a community land trust (CLT).

About 500 locals developed his building with the help of Lewisham Council, the Greater London Authority (GLA) and London CLT, a non-profit that helps neighbourhoods set up and run CLTs.

The locals decided issues like planning, design and, perhaps most importantly, sale prices.

This is calculated by looking at average local income levels, which the flats will continue to track.

Only people who can prove a strong connection to Lewisham for five years - through living or working there - can apply.

New residents have just started moving in to Citizens House in Lewisham, south London


Alex has lived in Lewisham for eight years. Also in his favour, he has been involved with a local charity called Wheels for Wellbeing, which helps disabled people get into cycling.

Other qualifying criteria include being able to get a mortgage, having a child in a local school and showing a demonstrable housing need.

The initiative aims to help people who are priced out of their local area but who aren't eligible to be on the council's housing priority list.

An independent panel decides on the applications.

Because the prices are fixed, these flats are unlikely to appeal as an investment or "nest egg".

An "asset lock" means the flats can only be sold on the same terms on which they were bought.

"I didn't have another option," says Alex. "The existing model of investing in a home doesn't work for me.

"But I think it's better that I have a home that has a stable value. I now have something to start from."

Flats in Citizens House (centre) are around 35% cheaper than similar properties in the surrounding area


The site for Citizens House was donated for free by Lewisham Council, one of the reasons the scheme is financially viable. The land had previously been occupied by a set of disused garages.

It has taken a decade of community campaigning to get the building completed.

However, London CLT believes it can speed up the process and is developing six other projects in the capital, in areas such as Greenwich, Shadwell and Lambeth.

There are 350 legally incorporated CLTs in England and Wales, according to the CLT Network, with 200 more forming. However, the vast majority of these trusts offer properties for rent rather than for sale.

The open market leaves property prices open to speculation, and can result in foreign buyers investing in flats which then lie empty.

But at least it is clear who has the right to purchase properties in this system - the person who bids the most money.

What if CLT flats are oversubscribed and someone feels they were wrongly passed over?

"A robust, fair and transparent process for deciding what sort of homes will be created and who will live in them is vital," says Beth Boorman of CLT Network, "and housing needs can differ from area to area."

Each CLT draws up its own rules and some even use a lottery system to whittle down appropriate candidates.

"No system for buying houses is perfect," points out property expert Henry Pryor. He believes CLTs, which have cross-party political support, are part of the solution to the UK's housing shortage.

There are some obstacles to them becoming a significant part of the housing mix though, he adds.

They rely on finding redundant land that is not available for development.

And, when residents move out, they will find that house prices in the open market have appreciated more than their homes, which may be an issue if they wish to buy elsewhere.

Christian Codjoe is moving into a two-bed flat in Citizens House with his brother. He says he is grateful for the scheme


Christian Codjoe, 30, is due to move into his flat in a few weeks.

He currently lives with his parents. He had saved for a deposit but feared he would have to move to Croydon or Kent to buy a home.

"Interest rates are crazy right now, but even with high mortgage payments the CLT flats are 100% worth it and get me on the housing ladder," he says.

Christian thinks his application was successful because he has lived in Lewisham his whole life, attends a local church and his current home is due to be demolished for a private development.

Fellow resident Kes Gill-Martin, 35, has just moved into a one-bedroom flat with his partner, and agrees.

"Affordable housing is very scarce and finally owning a home is transformative for us.

"This place feels like a massive change in our personal world, but such a small change in terms of what society needs."

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
GCC Secretary-General Holds Talks with EU Ambassador in Riyadh
Gulf States’ AI Investment Drive Seen as Strategic Bet on Technology and U.S. Security Ties
African Union Commission Chair Meets Saudi Vice Foreign Minister to Deepen Strategic Cooperation
President El-Sisi Holds Strategic Talks with Saudi Crown Prince in Riyadh
Lucid Unveils Up to $12,000 Incentive for Air and Gravity Models in Saudi Arabia
Saudi Arabia Enters Global AI Partnership, Expanding Its Role in International Technology Governance
Saudi Arabia’s Landmark U.S. LNG Agreement Signals Major Strategic Shift
Saudi Arabia Accelerates Global Gaming Push with Billion-Dollar Deals and Expanded PIF Mandate
Saudi Arabia Reports $25.28 Billion Budget Deficit in Fourth Quarter of 2025
Alvarez & Marsal Tax Establishes Dedicated Pillar Two and Transfer Pricing Team in Saudi Arabia
United States Approves Over Fifteen Billion Dollars in Major Arms Sales to Israel and Saudi Arabia
Pre-Iftar Walks Gain Momentum as Ramadan Wellness Trend Spreads
Middle East Jackup Rig Fleet Contracts Further After Saudi Drilling Suspensions
Türkiye and Saudi Arabia Prepare to Sign Five Gigawatt Renewable Energy Deal at COP31
King Mohammed VI Congratulates Saudi Leadership on Founding Day, Reaffirming Strategic Ties
US Envoy Huckabee Clarifies Remarks on Israel After Expansionism Controversy
Saudi Arabia Introduces Limited Exceptions to Regional Headquarters Requirement for Foreign Firms
Saudi Arabia Joins Global Partnership on Artificial Intelligence, Elevating Its Role in Shaping AI Governance
Saudi Arabia and Arab States Mobilise Diplomatically After U.S. Envoy’s Israel Remarks
Cristiano Ronaldo Reaffirms His Commitment to Saudi Arabia Amid Transfer Speculation
Proposed US-Saudi Nuclear Deal Raises Questions Over Uranium Enrichment Provisions
Saudi Arabia Sends 81st Aid Flight to Gaza as Humanitarian Air Bridge Continues
Global Games Show Riyadh 2026 Positioned as Catalyst for Saudi Arabia’s Vision 2030
Saudi Arabia Eases Procurement Rules, Allowing Foreign Firms Greater Access to Government Contracts
Türkiye and Saudi Arabia Seal Two Billion Dollar Solar Energy Agreement
Saudi Crown Prince Reportedly Sends Letter to UAE Leader Over Yemen and Sudan Policies
Saudi Arabia Voices Concerns to UAE Over Sudan Conflict and Yemen Strategy
Saudi Arabia Joins Global Artificial Intelligence Alliance to Strengthen International Collaboration
Shura Island Positioned as Flagship of Saudi Arabia’s Ambitious Red Sea Tourism Drive
Saudi Arabia Rebukes Mike Huckabee Over Remarks in Tucker Carlson Interview
OpenAI CEO Sam Altman praises the rapid progress of Chinese tech companies.
Concerns Mount Over Potential Saudi Uranium Enrichment in Prospective US Nuclear Accord
Trump Directs Government to Release UFO and Alien Information
Trump Signs Global 10% Tariffs on Imports
Investability Emerges as the Defining Test of Saudi Arabia’s Next Market Phase
Saudi Arabia’s Packaging Market Accelerates as Sustainability and E-Commerce Drive Transformation
Saudi Arabia Unveils $32 Billion Push Into Theme Parks and Global Entertainment
Saudi Crude Exports to India Climb Sharply, Closing Gap With Russia
Saudi Arabia’s Halal Cosmetics Market Expands as Faith and Ethical Beauty Drive Growth
ImmunityBio Secures Saudi Partnerships to Launch Flagship Cancer Therapy
United Kingdom Denies U.S. Access to Military Base for Potential Iran Strike
Türkiye and Saudi Arabia Launch Expanded Renewable Energy Partnership
US Supreme Court Voids Trump’s Emergency Tariff Plan, Reshaping Trade Power and Fiscal Risk
Mongolian Mining Family’s HK$247 Million Stanley Home Purchase Highlights Resilient Luxury Market
UK Intensifies Efforts to Secure Saudi Investment in Next-Generation Fighter Jet Programme
Saudi Arabia Tops Middle East Green Building Rankings with Record Growth in 2025
Qatar and Saudi Arabia Each Commit One Billion Dollars to President Trump’s ‘Board of Peace’ Initiative
Ramadan 2026 Prayer Times Set as Fasting Begins in Saudi Arabia and Egypt Announces Dates
Saudi Arabia Launches Ramadan 2026 Hotel Campaign to Boost Religious and Leisure Tourism
Saudi Arabia Seeks Reroute of Greece-Bound Fibre-Optic Cable Through Syria Instead of Israel
×