Saudi Press

Saudi Arabia and the world
Thursday, Dec 25, 2025

Where property prices are set by what local people earn

Where property prices are set by what local people earn

A scheme in south London is trying a new approach to property ownership: flats that are only for sale to local people, at prices set according to what local people earn.

"My old landlord actually hugged me, she was so happy for me when I finally got my own place," says Alex Ingram.

The 41-year-old civil servant is delighted with his new one-bedroom flat in Lewisham, in the recently completed Citizens House, a four-storey block of 11 homes.

For the past 18 years Alex has either rented, lodged or lived in flat-shares in London.

This flat cost him £215,000, about 35% cheaper than similar places nearby.

That's because he didn't buy it on the open market. He bought it through a community land trust (CLT).

About 500 locals developed his building with the help of Lewisham Council, the Greater London Authority (GLA) and London CLT, a non-profit that helps neighbourhoods set up and run CLTs.

The locals decided issues like planning, design and, perhaps most importantly, sale prices.

This is calculated by looking at average local income levels, which the flats will continue to track.

Only people who can prove a strong connection to Lewisham for five years - through living or working there - can apply.

New residents have just started moving in to Citizens House in Lewisham, south London


Alex has lived in Lewisham for eight years. Also in his favour, he has been involved with a local charity called Wheels for Wellbeing, which helps disabled people get into cycling.

Other qualifying criteria include being able to get a mortgage, having a child in a local school and showing a demonstrable housing need.

The initiative aims to help people who are priced out of their local area but who aren't eligible to be on the council's housing priority list.

An independent panel decides on the applications.

Because the prices are fixed, these flats are unlikely to appeal as an investment or "nest egg".

An "asset lock" means the flats can only be sold on the same terms on which they were bought.

"I didn't have another option," says Alex. "The existing model of investing in a home doesn't work for me.

"But I think it's better that I have a home that has a stable value. I now have something to start from."

Flats in Citizens House (centre) are around 35% cheaper than similar properties in the surrounding area


The site for Citizens House was donated for free by Lewisham Council, one of the reasons the scheme is financially viable. The land had previously been occupied by a set of disused garages.

It has taken a decade of community campaigning to get the building completed.

However, London CLT believes it can speed up the process and is developing six other projects in the capital, in areas such as Greenwich, Shadwell and Lambeth.

There are 350 legally incorporated CLTs in England and Wales, according to the CLT Network, with 200 more forming. However, the vast majority of these trusts offer properties for rent rather than for sale.

The open market leaves property prices open to speculation, and can result in foreign buyers investing in flats which then lie empty.

But at least it is clear who has the right to purchase properties in this system - the person who bids the most money.

What if CLT flats are oversubscribed and someone feels they were wrongly passed over?

"A robust, fair and transparent process for deciding what sort of homes will be created and who will live in them is vital," says Beth Boorman of CLT Network, "and housing needs can differ from area to area."

Each CLT draws up its own rules and some even use a lottery system to whittle down appropriate candidates.

"No system for buying houses is perfect," points out property expert Henry Pryor. He believes CLTs, which have cross-party political support, are part of the solution to the UK's housing shortage.

There are some obstacles to them becoming a significant part of the housing mix though, he adds.

They rely on finding redundant land that is not available for development.

And, when residents move out, they will find that house prices in the open market have appreciated more than their homes, which may be an issue if they wish to buy elsewhere.

Christian Codjoe is moving into a two-bed flat in Citizens House with his brother. He says he is grateful for the scheme


Christian Codjoe, 30, is due to move into his flat in a few weeks.

He currently lives with his parents. He had saved for a deposit but feared he would have to move to Croydon or Kent to buy a home.

"Interest rates are crazy right now, but even with high mortgage payments the CLT flats are 100% worth it and get me on the housing ladder," he says.

Christian thinks his application was successful because he has lived in Lewisham his whole life, attends a local church and his current home is due to be demolished for a private development.

Fellow resident Kes Gill-Martin, 35, has just moved into a one-bedroom flat with his partner, and agrees.

"Affordable housing is very scarce and finally owning a home is transformative for us.

"This place feels like a massive change in our personal world, but such a small change in terms of what society needs."

Newsletter

Related Articles

Saudi Press
0:00
0:00
Close
Saudi Arabia’s 2025: A Pivotal Year of Global Engagement and Domestic Transformation
Saudi Arabia to Introduce Sugar-Content Based Tax on Sweetened Drinks from January 2026
Saudi Hotels Prepare for New Hospitality Roles as Alcohol Curbs Ease
Global Airports Forum Highlights Saudi Arabia’s Emergence as a Leading Aviation Powerhouse
Saudi Arabia Weighs Strategic Choice on Iran Amid Regional Turbulence
Not Only F-35s: Saudi Arabia to Gain Access to the World’s Most Sensitive Technology
Saudi Arabia Condemns Sydney Bondi Beach Shooting and Expresses Solidarity with Australia
Washington Watches Beijing–Riyadh Rapprochement as Strategic Balance Shifts
Saudi Arabia Urges Stronger Partnerships and Efficient Aid Delivery at OCHA Donor Support Meeting in Geneva
Saudi Arabia’s Vision 2030 Drives Measurable Lift in Global Reputation and Influence
Alcohol Policies Vary Widely Across Muslim-Majority Countries, With Many Permitting Consumption Under Specific Rules
Saudi Arabia Clarifies No Formal Ban on Photography at Holy Mosques for Hajj 2026
Libya and Saudi Arabia Sign Strategic MoU to Boost Telecommunications Cooperation
Elon Musk’s xAI Announces Landmark 500-Megawatt AI Data Center in Saudi Arabia
Israel Moves to Safeguard Regional Stability as F-35 Sales Debate Intensifies
Cardi B to Make Historic Saudi Arabia Debut at Soundstorm 2025 Festival
U.S. Democratic Lawmakers Raise National Security and Influence Concerns Over Paramount’s Hostile Bid for Warner Bros. Discovery
Hackers Are Hiding Malware in Open-Source Tools and IDE Extensions
Traveling to USA? Homeland Security moving toward requiring foreign travelers to share social media history
Wall Street Analysts Clash With Riyadh Over Saudi Arabia’s Deficit Outlook
Trump and Saudi Crown Prince Cement $1 Trillion-Plus Deals in High-Profile White House Summit
Saudi Arabia Opens Alcohol Sales to Wealthy Non-Muslim Residents Under New Access Rules
U.S.–Saudi Rethink Deepens — Washington Moves Ahead Without Linking Riyadh to Israel Normalisation
Saudi Arabia and Israel Deprioritise Diplomacy: Normalisation No Longer a Middle-East Priority
Saudi Arabia Positions Itself as the Backbone of the Global AI Era
As Trump Deepens Ties with Saudi Arabia, Push for Israel Normalization Takes a Back Seat
Thai Food Village Debuts at Saudi Feast Food Festival 2025 Under Thai Commerce Minister Suphajee’s Lead
Saudi Arabia Sharpens Its Strategic Vision as Economic Transformation Enters New Phase
Saudi Arabia Projects $44 Billion Budget Shortfall in 2026 as Economy Rebalances
OPEC+ Unveils New Capacity-Based System to Anchor Future Oil Output Levels
Will Saudi Arabia End Up Bankrolling Israel’s Post-Ceasefire Order in Lebanon?
Saudi Arabia’s SAMAI Initiative Surpasses One-Million-Citizen Milestone in National AI Upskilling Drive
Saudi Arabia’s Specialty Coffee Market Set to Surge as Demand Soars and New Exhibition Drops in December
Saudi Arabia Moves to Open Two New Alcohol Stores for Foreigners Under Vision 2030 Reform
Saudi Arabia’s AI Ambitions Gain Momentum — but Water, Talent and Infrastructure Pose Major Hurdles
Tensions Surface in Trump-MBS Talks as Saudi Pushes Back on Israel Normalisation
Saudi Arabia Signals Major Maritime Crack-Down on Houthi Routes in Red Sea
Italy and Saudi Arabia Seal Over 20 Strategic Deals at Business Forum in Riyadh
COP30 Ends Without Fossil Fuel Phase-Out as US, Saudi Arabia and Russia Align in Obstruction Role
Saudi-Portuguese Economic Horizons Expand Through Strategic Business Council
DHL Commits $150 Million for Landmark Logistics Hub in Saudi Arabia
Saudi Aramco Weighs Disposals Amid $10 Billion-Plus Asset Sales Discussion
Trump Hosts Saudi Crown Prince for Major Defence and Investment Agreements
Families Accuse OpenAI of Enabling ‘AI-Driven Delusions’ After Multiple Suicides
Riyadh Metro Records Over One Hundred Million Journeys as Saudi Capital Accelerates Transit Era
Trump’s Grand Saudi Welcome Highlights U.S.–Riyadh Pivot as Israel Watches Warily
U.S. Set to Sell F-35 Jets to Saudi Arabia in Major Strategic Shift
Saudi Arabia Doubles Down on U.S. Partnership in Strategic Move
Saudi Arabia Charts Tech and Nuclear Leap Under Crown Prince’s U.S. Visit
Trump Elevates Saudi Arabia to Major Non-NATO Ally Amid Defense Deal
×