Delivering 22 units of resale price capped sub-market units in Enfield, built to the bare minimum allowing residents to adapt their homes over time.
|Number of homes||22 resale price capped sub-market homes|
How they formed
Established by four young Londoners in 2013, who couldn’t afford to buy and were uninspired by expensive shared ownership flats with fixtures and fittings they didn’t want. They wanted to be part of solving their own housing issues by contributing to their homes and realised they could open this out to others in their situation, so-called ‘generation rent’.
Naked House is a not-for profit Community Interest Company Limited by Guarantee. It is managed by its founding directors and governed by a board which includes industry experts and representatives from a membership of potential residents.
Naked House is in the final stages of securing 3 council owned former garage sites in Enfield on an affordable basis to build 22 homes.
Design and construction
The project should start on site in 2019. Houses will be completed, so they are secure, watertight and habitable, as well as planning, building regs, and mortgage compliant. There will be a kitchen sink, a basic bathroom, heating and the start of electrics and lighting, but no other finishes, fittings or partitions. This allows people to create and adapt their own home over time, either doing the work themselves or paying builders.
Following a competition, Naked House have appointed OMMX as architects. Their design is sympathetic to the suburban character of the sites. The basic structure and shell are well designed, low carbon, and thermally efficient to reduce energy consumption. It also allows for maximum extension and adaptability, so people can choose how they want to live. Naked House will work with residents with a fit-out manual and skills programme to ensure purchasers know what they can and can’t do. The leases will also contain clauses controlling future adaptations.
Finance and affordability
Naked House will use grant funding from the GLA and development finance which will be paid back through purchaser’s mortgages. Working with councils to get land on an affordable basis allows homes to be genuinely affordable for those with a household annual income of between £25-90k. The homes never cost more than a third of gross income. Homes will be priced at around 65-70% of the full market value in Enfield. The lowest cost homes will be genuinely affordable for those on the London median wage or below. As a not-for profit, construction savings will also be passed onto purchasers.
Any discount received by the initial purchaser is locked into the lease through a resale covenant. The home can still rise or fall in line with the market, or with improvements, but always at the same level below market. This ensures the discount is locked in for future generations whilst recognising the ‘sweat equity’ of purchasers.
Naked House is for the ‘intermediate’ market who don’t qualify for social housing but are unable to afford a home on the open market. An eligibility and allocation policy will be agreed with the Council. This will typically prioritise first-time buyers who live and/or work in the borough and can demonstrate need, an ability to afford mortgage repayments, and a willingness to customise the home. By giving people a stake in their home, and responsibility over a community garden, a shared workshop, and long-term management, the shared journey of adapting homes should bring people together from the start.