October 22 2014 Latest news:
by Shekha Vyas, Reporter
Tuesday, September 2, 2014
Soaring property prices in Hackney have been thrust back in to the spotlight this week with news of a Stoke Newington garage on sale for £359,950.
The 640sqft single-storey building in Springdale Mews is being marketed by family-run estate agents Courtney’s, in Kingsland Road, for potential re-development.
It describes it as a “well located, quiet property” and, based on other former-garage conversions along the road, suggests it could be turned into a two storey, three bedroom house.
But the offer has angered housing campaigners Digs, which has slated landlords and property developers for “destroying people’s chances of renting or buying homes.”
According to Land Registry figures, property prices in Hackney have escalated by more than 600 per cent since 1995, with serious implications for affordable housing in the borough.
Digs representative, Heather Kennedy said: “Hackney has seen some of the most astoundingly unaffordable house price increases in London. People are fast abandoning the myth that these house prices are good for their communities or good for their families.”
She added: “How much worse does the housing crisis need to get before ministers accept the market has spectacularly failed in providing suitable housing and urgent action is needed to bring down house prices and rents?”
News of the garage sale also comes as figures reveal almost £3.5 million has been raised in just three months between April and June by selling off 30 Hackney Council homes under the Right to Buy (RTB) scheme, and an estimated £8.6million over the last year.
Councillor Phillip Glanville, cabinet member for housing said: “Hackney, like other parts of the capital is the midst of a housing crisis. It is estimated that 809,000 additional homes will be needed across London by 2021.
“Our programme to regenerate Hackney’s ageing housing estates, is providing more than 2,770 homes for social renting, shared ownership and private sale, with the latter helping fund the redevelopment.”
A spokesman for Courtney’s said: “We have had quite a bit of interest in the property; many people now want to put their own stamp on their homes or create a working and living space.”
He added that the agency is selling ready made three-bedroom properties in the same location for prices varying from £500,000 to £850,000.
Responsibility for getting planning permission to convert the garage into a home would fall with the buyers.