Affordable Housing in Woking
One of the biggest issues facing residents in Mount Hermon is housing affordability. Property prices in Woking have increased substantially over the last few years and with the ongoing regeneration of the town centre, additional investment in rail capacity and our position as a commuter belt town within easy reach of London, this is unlikely to change unless there is a significant and sustained crash in the market. Woking has been highlighted in a recent study which suggests that the borough will be within the top ten parts of the country likely to see the greatest increases in house prices over the next 10 years.
I thought it would be helpful to set out some of the initiatives which have been taken forward by the council to deliver more affordable houses in the past few years. Recent initiatives by the Conservative administration include building 154 new homes as part of the Hoe Valley Scheme; bringing 250 street properties back into use with intermediate rent; and agreeing a strategy to put a further 880 empty homes onto the market.
The council agreed the Moor Lane Project in 2013, and work is underway to construct 371 new homes, with some of them coming onto the market earlier this year. We are also delivering 350 homes through Thamesway Housing; the conversion of an unused office block into 45 affordable apartments; and 34 low cast flats above the new fire station on Goldsworth road. The Sheerwater regeneration project – if approved – will provide a further 400 homes, while the Victoria Square development will see 392 new flats in the town centre.
Many of these new affordable homes have been bitterly opposed by the opposition on the council, with the Liberal Democrats coming out strongly against the Moor Lane project only at the last moment before an election in the area, and another Liberal Democrat councillor actively lobbying to remove any element of affordability from the Brookwood Farm development. It has been left to the Conservative administration to make mature and responsible decisions and to try and balance the conflicting interests of protecting the green belt while also making sure that we meet the housing needs of future generations.
While these developments are welcome, the fact that house price inflation is driven by national and global factors means they are unlikely to make much of an impact on affordability, and they instead represent an attempt by the council to keep up with demand. I have previously set out on this blog my view that the cost of accommodation is one of the greatest challenges for people in Woking, particularly those starting out in life or wishing to move away from their parents’ home and live independently. Even for those looking to rent, the costs can be prohibitive. It is not unusual to see one or two bedroom flats for rent in Mount Hermon for £1200 or £1300 per month. While this may be good for investors or those already well established on the property ladder, it is prohibitive for most people and breeds resentment and frustration.
The best thing the council can do is prioritise new housebuilding, particularly modest two and three bedroom houses as there is a gap in the market and very few options falling between studio and one bedroom town centre flats, and much larger four or five bedroom houses in our villages.