More choice for Londoners as Catalyst Housing moves into the Private Rented market
Catalyst Housing, a leading provider of affordable housing in London and the south east, today announced plans to develop up to 800 homes for private rent in west London.
Responding to the needs of London’s professionals for suitable homes at a price that they can afford, Catalyst’s plans are to develop a mix of mainly 1 and 2-bed homes – most will be apartments – initially along the Crossrail corridor and other key transport links in west London. Catalyst also plans that all sites will be within a maximum of 10 minutes’ walk from a tube or rail station – enabling residents to commute to their workplace easily.
Tom Titherington, Catalyst’s Director of Business Development said:
“This is an exciting new venture for Catalyst. Building on our over 30 years’ expertise in building, regenerating and maintaining high-quality housing, we’re delighted to be moving into the private rented sector in west London.
“Rising property prices put owner-occupying out of the reach of increasing numbers of Londoners. Our commitment to provide homes for private rent means we now provide our customers with the broadest possible range of housing options, and additionally, local authorities can benefit from our comprehensive regeneration offer. Our focus is on west London because we understand the market in the area and already have many potential customers through our shared ownership and outright sale marketing.”
The reduction in Government subsidy for social housing has led Catalyst, along with other registered providers, to explore alternative forms of housing provision which do not need subsidy. Last year’s Montague Report and the government’s encouragement of a professionally-managed, institutionally-funded, rented sector has further encouraged Catalyst to expand its offer to include private rent developments.
Austen Reid, Catalyst’s Head of New Business, is leading the team that is developing Catalyst’s private rent service. He said:
“More and more people – especially in London and the south east – are struggling to get onto the property ladder. Current rental provision is falling short of customers’ needs. The market is currently dominated by individual buy-to-letters who own just one or two properties and as a result, many renters live in homes of dubious quality, have short-term tenancy agreements of between six and 12 months and often face unpredictable rent increases.
“So we’re developing a high quality offer for private renting tenants at the moment. What I can say at this stage is that we want people who move into Catalyst private rented homes to have a high-quality home in a convenient location, as well as peace of mind – through predictable rent increases and long-term tenancies – giving residents the peace of mind that they crave.”