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New homes

The new town centre will create 979 new homes in Elephant and Castle, in an area where none currently exist. 35% of these will be offered at a variety of affordable price points. All of the new homes will be offered for rent, rather than sale, and will go a long way to meet demand from Londoners looking for homes to rent in Zone 1.

As a result of the feedback we have received since the committee in January, we have increased the percentage of Socially Rented properties from 33 to 116 homes. We have chosen to use the properties on Oswin Street for these new Socially Rented homes, as these are larger and therefore better suited to families. These will be owned by Southwark Council or another Registered Provider and offered in priority to people living and working in Southwark.

In order for us to increase the number of Social Rent homes, we have shifted the proportion of other discounts from earlier proposals:

  • 35% of homes will be at Social Rent and will be run by Southwark Council or a Registered Provider.
  • 16% will be in line with ‘London Living Rent’ (affordable housing for middle-income Londoners, eligible to household incomes of up to £60,000)
  • 48% Discounted Market Rent (homes with rent caps at 80% of market rent)

Click here for more information about the changes that have been made.

  • It will create accommodation that does not exist at the present and is very much needed.