June 27, 2019

Andrew Campbell 

The UK’s Office for National Statistics reported 2018 average home prices in the seaside town of Worthing were 11.7 times average salaries, compared with a figure of 7.8 times across England and Wales. Worthing Council is, reported on June 26, considering a deal with developer BoKlok, owned by retailer IKEA and construction firm Skanska, which has already built 11,000 homes in Finland, Norway, and Sweden, to build 162 affordable homes.

BoKlok's homes are factory-built and taken into account the cost of living at an affordable price with "sustainable, low-cost housing concept". With BoKlok's plan, Worthing could get 30% of the homes, which would be used for social housing in the areas to avoid a shortage of homes and high housing inflation. The remaining 70% of the properties would go to BoKlok for sales.

Instead of selling land to a developer, Worthing Council would lease the land for 125 years and receive rent at about 4% on the value of the land, such that the plan would produce 45 homes for its use rather than 13 by means of a conventional model.

Construction is scheduled to start next September and the first homes dispatched, delivered, and erected due in January 2021. Councilor Kevin Jenkins, Worthing Council's executive for housing regeneration, applauds this plan as "giving these hard-working individuals a genuine chance to buy their own home without having to move out of the town."

Photo:Webshot.