Tackling the Housing Crisis
We believe that custom-build has a significant part to play in addressing London’s acute housing crisis. Historically, however, custom-build has struggled to take hold in any meaningful way due to several factors, including the cost of acquiring land, planning risk, lack of financial resilience, capability, and resistance to new models of ownership.
Opening Up the Market
We propose a new model of custom-build which tackles each of these obstacles through innovative solutions, opening up the market to a wider range of people. This is achieved through the formation of a unique partnership between enlightened Local Authorities, an experienced professional team, and a cutting-edge financial technology company.
Custom-Build for Everyone
We are working in partnership with several local authorities to deliver truly affordable homes for long-term sale to those who most need them. We believe that we can open up custom-build to a wider market, delivering homes which will be beautiful, flexible, sustainable and affordable. Our ambition is to make custom-build available for everyone.
We call this Common Home.
A Unique Partnership
Common Home is a unique partnership between an experienced professional team, a cutting-edge financial technology company and public landowners. We are a Community Interest Company, with the sole mission of delivering truly affordable homes for the people of London.
Full Design, Delivery and Management Service
With support from the Mayor of London’s Housing Innovation Fund we are currently in talks with several Boroughs to develop affordable homes for outright, affordable sale to Londoners. Common Home provides a full design, delivery and management service to public landowners which enables us to guarantee affordability in perpetuity. Our homes are significantly less expensive than equivalent properties on the open market—in most cases up to 40% cheaper and in some cases more than half. Not only this, but the total monthly cost of ownership is below 35% of net household income according to the Mayor of London’s affordability criteria
How We Work
Common Home works like this: a public landowner grants a long lease to us for the site. We then use the inherent value of this land to borrow funds in order to prepare a submit a planning application. Through our extensive use of Building Information Modelling (BIM), and flexible, standardised modules, we are able to prepare full planning applications quickly and easily using our proprietary design. This planning application is undertaken with no risk to the landowner.
Modern Methods of Construction
Once planning permission is granted, we then draw down further funds from the Mayor to build and deliver the new homes. Using Modern Methods of Construction combined with our fully-integrated BIM model we are able to minimise the pre-construction phase and complete the build far quicker than traditional methods of construction.
Homes for Londoners
We then work with the public landowner to identify eligible buyers for the homes we have built. These can be nominations from the local housing list, candidates from the register defined by the Self-build and Custom Housebuilding Act 2015, or a open call with certain criteria such as income caps or length of time in the area.
Helping People Buy Their Homes
Common Home is able to arrange standard repayment mortgages on behalf of eligible purchasers, avoiding self-build loans which can be expensive and restrictive.
Once the homes are sold, Common Home manages them in perpetuity, collecting service charges and returning an enhanced ground rent to the freeholder. In addition, Common Home also manages re-sales and subletting to ensure these homes remain affordable in perpetuity.
Flexible & Adaptable
Not only are our homes affordable, but because of the efficient design and construction methods we have developed, they are significantly larger than minimum space standards require. They are flexible and adaptable allowing owners to reconfigure them easily as their needs change over time.