MTVH acquires key worker homes at major Lambeth scheme delivered in partnership with Vistry

Metropolitan Thames Valley Housing (MTVH) has acquired 110 homes for key worker living rent (KWLR) and shared ownership at a major regeneration scheme in Lambeth.

The Clapham Park Joint Venture LLP, being delivered in partnership with Countryside Partnerships, part of Vistry, will deliver more than 2,500 new homes, bringing the total number of homes at the estate to 4,200.

By the end of the year, all original Clapham Park residents who wished to return will have moved back into their new homes, with more than 50% of the 4,200 earmarked for affordable tenures.

Of the 110 one to three-bedroom homes acquired by MTVH, 91 will be let as KWLR for public sector workers delivering the capital’s frontline services.

Local NHS staff and health workers, transport workers, teachers, police officers, firefighters, ambulance personnel, prison and probation service staff, and others, will be eligible to rent the properties at below market rates, enabling them to live closer to their workplaces.

This contributes to the mayor of London’s target set in January 2026 to deliver 6,000 KWLR homes by 2030.

The first 18 KWLR homes are already built and are available to move into immediately. The remaining 73 properties have been purchased on a forward fund arrangement with the units due to complete in 2027. The 19 shared ownership homes are also available immediately.

KWLR is a form of intermediate affordable housing introduced by the mayor of London, which sees homes let at rents based on around 40% of average net household incomes for key workers, rather than market levels.

The product is available to eligible households earning up to £75,000 who live or work in London and are unable to buy a home, offering longer-term tenancies with rent increases capped annually.

Mel Barrett, chief executive of MTVH, said: “This deal is part of our ambitious MTVH 2030 strategy that targets 6000 new homes over the next four years.

“We have the financial strength to make these types of acquisitions whilst maintaining investment in our existing homes and enhancing customer service. We act as a long-term partner in the communities where we have homes.”

Following a 2006 stock transfer from Lambeth Council, MTVH took control of around 2,000 homes at Clapham Park. Between 2005 and 2018, 1,500 new homes were refurbished or rebuilt.

In 2019, the council approved a masterplan to regenerate the rest of the neighbourhood with 2,500 new homes, due to complete by the late 2030s.