London housing estates approved for sale

Sir Stuart Hampson, chairman of The Crown Estate said: “This is an excellent outcome for all concerned. For existing residents whose position is secured and who will benefit from the services of one of the best and most prestigious UK housing providers; for anyone who cares about keyworker housing in London, where Peabody has an excellent track record of providing quality homes and cohesive communities; and also for The Crown Estate which will be better able to meet its duties under the Crown Estate Act in the future.”

Stephen Howlett, chief executive of Peabody said: “This is good news for Crown Estate residents and it is good news for London. We are absolutely committed to keeping these homes affordable and available to the key workers who are so crucial to London’s economy and quality of life, and we look forward to welcoming these fantastic communities into the Peabody family.”

Under Peabody’s ownership, the four estates will continue to play an important role in the future provision of keyworker housing in London. Peabody will be legally bound to:

– honour existing residents’ specified rights in a number of areas including how rents are set, succession rights and their security of tenure.
– continue lettings to keyworkers at the same level as The Crown Estate (currently around 9 out of 10 new lettings).

During the consultation residents and stakeholders expressed concern about losing their long association with The Crown Estate, but of those who expressed a clear opinion on the outcome, a majority welcomed Peabody as a prospective new owner.

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