Property Guardianship model can resolve London’s Housing Crisis

Here is a solution to the city’s biggest problem that doesn’t involve building new homes

We all know the score: house prices in London continue to be at an all-time ridiculous high, where the average first-time property will presently set you back ￡350,000.

This means you will need approximately ￡70,000 as a deposit, an almost impossible ask unless you are either very rich or have very nice parents. Taking a step back and looking at the rental market, the same story greets Londoners, with the average rental costing a staggering ￡3,989 pcm in Kensington and Chelsea and ￡3,811 pcm in Westminster. In the boroughs, prices are still on average anywhere between ￡1,500 and ￡3,000 pcm[1]. Even a one-bed studio flat will put you back in excess of ￡1,000 pcm in places like Camden, Hackney, Kensington and Chelsea and Westminster.

The truth of the matter is that we need affordable options, and fast. I recently noticed that a ￡30 million project has been launched with the aim of helping first-time buyers beat the deposit trap in London. The Westminster Home Ownership Accelerator scheme has been designed to offer would-be buyers low-cost rental in what are being termed smart apartments in the west and north of London, enabling them to save for a deposit to ultimately buy their own home. The first of the 50 flats included in the scheme are at Dibdin House in Maida Vale, costing from ￡208 per week for a one-bedroom flat, ￡286 for a two-bed and ￡325 for a three-bed. As it stands, however, the scheme is very limited. Therefore, is this really an answer to London’s housing crisis? 

What I believe we need to do is think outside of the box and look at alternative solutions that don’t involve building new homes. One such example is the Property Guardianship Model, which basically takes a vacant building and places a Guardian (person) into it.

The empty buildings can include anything from ex schools, care homes and pubs to empty flats, offices and even mansions. In terms of costs to live, a Guardian can pay as little as ￡350 per month for a central London location, saving almost ￡500 per month on the cheapest property in the Westminster Home Ownership Accelerator scheme, and at least ￡650 on a one-bed studio flat.

What’s more, the Guardianship Model is being offered to businesses for commercial purposes in the heart of the city. The cost of an office space in London often comes at the sacrifice of the salaries of company operatives – a tough decision for any growing business. This model is allowing start-ups more access to the city than ever before.

Living or running a business in London for a few hundred pounds a month sounds too good to be true right, so what’s the catch? Quite frankly, there isn’t one. Guardians move into uninhabited buildings and in doing so protect them from squatters or vandals as well as reporting maintenance issues as they arise, all the while benefiting from low cost accommodation in highly sought after locations.

The USP of the Guardianship Model lies within its solution to benefit all parties involved. It defies the tense relationship between the traditional tenant and landlord, concerning high rent, payment, security and maintenance.

Overall, the Guardianship Model should be considered as one of the resolutions to the housing crisis in London. With empty properties all across the capital, it is not limited to any particular area. It is also both cost-effective, and a way for people to live in an unusual building. What’s not to like?

For more information about the Guardianship Model, contact Ad Hoc on 0333 015 6661 or [email protected].

[1] https://www.property118.com/rental-prices-rise-in-prime-central-london-as-demand-increases/89504/