Waltham Forest worst hit in London as housing crash begins to bite

The Walthamstow Lib Dem TeamLiberal Democrats in Waltham Forest have reacted with concern to new figures which reveal that Waltham Forest has suffered the biggest “negative change” in property prices of any London borough.

And Lib Dem Council Group Leader John Macklin is asking for reassurances that the collapse in property values will not further delay long-awaited redevelopment schemes across the borough.

The news comes after Lib Dem councillors warned earlier this year that Walthamstow homeowners faced an “above average” risk of suffering from negative equity.

The new figures, published in HotProperty magazine, show that Waltham Forest has suffered heavily from the collapse in property prices in comparison with other London boroughs.  The latest Land Registry figures show that the average property price in the borough is down 9.4% in the last year, with a huge 5% fall being suffered in the last quarter.  The rapid collapse means many local homeowners are now at risk from negative equity.

Local Lib Dems sounded a warning over the heightened risk of negative equity for local property owners back in March after figures released by credit rating agency Experian predicted that Walthamstow residents could be amongst the worst sufferers of the economic downturn, with those who had bought property within the last 12 months expected to be the worst hit.

At the time, local Liberal Democrat leader and Walthamstow councillor John Macklin urged government intervention to prevent mass repossessions, which, he said, would only worsen the housing crash.

Now this week he has expressed his concern about the effect that the crash in property prices will have on building projects within the borough.

Cllr Macklin said:

“The collapse in property prices is bound to have an effect on regeneration projects in the borough, and I will be looking for clarification from the relevant portfolio holders regarding the timetables for work on these projects.

“As I have said before, a series of unused ‘land banks’ across the borough awaiting regeneration is just not acceptable”.

Fellow Walthamstow councillor and deputy Lib Dem leader Cllr Johar Khan has spoken out about the situation in Waltham Forest, noting that the collapse in house prices would “cause misery for those who could end up owing more on their mortgages than their property will be worth.”

Cllr Khan continued:

“Waltham Forest looks like it will be hit particularly hard by this recession and the collapse in house prices.  Sadly, the anguish this will cause local homeowners has been all too easy to predict.

“The government has allowed house prices and irresponsible mortgage lending to rocket alomost unchecked, and this competely irresponsbile approach is now resulting in dire consequences for residents. 

Waltham Forest Lib Dems Speak on Future of ‘The Stow’

Waltham Forest Lib Dems are

Cllr John Macklin
Leader of the Liberal Democrat Group, Waltham Forest Council

Like the many residents who have written to us expressing their views on the closure, my Liberal Democrat colleagues and I are enormously disappointed at the recent turn of events regarding the future of Walthamstow Greyhound Stadium.

The huge show of support from residents and punters alike demonstrates the obvious affection that local people have for the Stadium. A quick straw poll in a recent meeting suggests that you would struggle to find a local Liberal Democrat councillor who has not at one point enjoyed a visit to ‘The Stow’!

Farid Ahmed and myself recently met a team from Save Our Stow at the Town Hall to hear about their plans to keep the Stadium in business as a greyhound racing venue.

We are, of course, fully in support of their efforts to keep the Stadium as both a greyhound racing track and a sport and leisure venue. As we told the team from Save Our Stow, we believe that the stadium is an iconic London venue and, perhaps more importantly, an enormously valuable part of Waltham Forest’s evening economy.

The success of our leisure venues is an integral part of building a sustainable community in Waltham Forest and ensuring that we are attractive to both our residents and visitors. There is no long-term sustainability in forcing residents out of the borough to spend their leisure time.

I am more than happy to work with Save Our Stow as I believe that ambitious and enterprising local residents and groups deserve to have their ideas listened to and fully considered.

Farid Ahmed
Liberal Democrat Prospective Parliamentary Candidate for Walthamstow

What impressed me about the Save Our Stow proposals was the obvious research that had been undertaken into the viability of the business. A lot of work has gone into securing the means of funding to reopen the track and attracting additional investment to upgrade the facilities and establish Walthamstow as hub for the sport.

I discussed with Save Our Stow my disappointment that a new business model could not, apparently, be made to work by the previous owners in the way it has done at successful greyhound racing venues both in the UK and overseas, where the tracks still enjoy healthy support as family venues with a greater focus on hospitality and catering for parties and group events. It was very encouraging to hear their proposals to modernise and widen the appeal of the Stadium, adapting the facility into a modern leisure facility.

What Walthamstow absolutely cannot afford to have is yet another ‘land bank’ awaiting regeneration.

I am particularly interested in such a user group led bid for the track, as I have long believed that local leisure facilities are very often better run by those who use them and who have a locally based commitment to their ongoing success

Liberal Democrats Welcome New Planning Guidelines

Cllr Farooq Qureshi: “Sensibly restricting the conversion of family housing into flats is crucial to the future of Waltham ForestLiberal Democrats on Waltham Forest Council’s Planning Committee have welcomed the introduction of new guidelines that will enable members to turn down applications for further flat conversions in the borough.

The new measures mean there will be 8 restricted wards where no conversion will be allowed at all.  These are Cann Hall, Cathall, Forest, Grove Green, High Street, Hoe Street, Leyton and Leytonstone.

A new 200-metre rule will also be introduced to prevent displacement to other wards.  Applying to the whole borough, the rule will mean that if a property is over 120sq meters and outside a restricted ward, permission will be refused if there is already a converted property within 200 metres.

Labour Cabinet member Cllr Terry Wheeler, who is responsible for the Council’s transport and planning policy, recently had to deny claims from councillors that he had failed to give the committee sufficient powers to react to public concerns over the rate of conversions.  He claimed that the delays were due to a “lack of resources”.

Liberal Democrat councillor Farooq Qureshi said he was “delighted that the guidelines have finally been introduced”.

Cllr Qureshi said:

“These measures will finally give the committee the ability to show some teeth when it comes to defending local residents interests.

“Sensibly restricting the conversion of family housing into flats is crucial to the future of Waltham Forest.  Retaining family housing in the borough should be a central tenet of our sustainable communities strategy.

“The number of conversions has been a real concern for residents for a long time now, and planning committee members have often been powerless to help them.  A cutback in the number of conversions in something the Liberal Democrats have been campaigning on for years.”

Local Liberal Democrats Want Arcade Site Progress

High St councillors Johar Khan (left) and James O'Rourke (right) with Walthamstow parliamentary candidate Farid Ahmed

Liberal Democrats in Waltham Forest are seeking reassurances from the council regarding progress on the long awaited Walthamstow Arcade site development.

Walthamstow councillor John Macklin, leader of the Liberal Democrats on Waltham Forest Council, stressed that the Arcade development “must fit in with the local area”. 

He is also urging local traders to get involved in ensuring that the development will “compliment and not damage existing Town Centre businesses” whilst acknowledging residents concerns over the residential building that will form a centrepiece of the development.

Cllr Macklin said:

“Whilst I accept the need for the development to be high density, this doesn’t mean that it has to be exclusively achieved through height.  I have been meeting with campaigners to make it clear that the Liberal Democrats want a landmark building that will be a source of pride for residents and a focal point for a properly regenerated town centre.

“We also echo the views of the many people, in particular our younger residents, who are desperate to see a cinema return to the borough.

“However, I am acutely aware that regeneration projects, if not handled properly, can be detrimental to existing businesses.

“Regeneration is not just about big new buildings.  It should also be about enabling local people and businesses.”

“I absolutely do not want to see any new facilities simply competing for existing trade with our current shops and market traders.  They must compliment each other if the development is to be a success.

Cllr Macklin is encouraging local businesses and traders to get involved in making sure that the Town Centre is compatible with the new facilities that will arrive as part of the development. 

“We want to see local traders and businesses taking the lead in ensuring that a regenerated town centre is mutually beneficial to both new and existing businesses.

“We need imaginative ideas from business leaders to ensure that the market, as part of a modern Walthamstow Town Centre, can provide an attractive product that shoppers will want to use.

“This could be achieved, for example, through the establishment of a Business Improvement District or a more prominent role for the Market Traders Association.

“The Liberal Democrats will strongly support any such involvement from local businesses and make sure that their voice is heard in Council.  The best way to ensure that local people are satisfied with the outcome of the regeneration project is to involve them every step of the way in the decision making process and communicate progress on the site to residents more effectively.”

Fellow Liberal Democrat councillors for High Street Ward, James O’Rourke and Johar Khan, added to Cllr Macklin’s calls by claiming that, as part of the regeneration project, the council needed to have deliverable plans to bring the EMD building back into use in a way that complimented the development and provided “a worthwhile community facility for residents that will bring them back to the High Street”.

“We want to see the council work with interested parties to bring the EMD into use as soon as the Arcade development has been accepted by the Mayor of London.”

The Lib Dems efforts in encouraging greater community involvement in decision-making is the latest part of plans to increase resident participation in the running of local facilities.  Earlier this year the party called for Local Management Boards of service users to take over the running of local cultural facilities.

Huge Rise in Homeless Families in Leyton and Wanstead

Cllr Farooq Qureshi (right)LIBERAL Democrats in Leyton and Wanstead are calling for government action to tackle homelessness after figures revealed there has been a shock rise in the number of local families living in temporary accommodation.
 
Government figures show that there were 1925 households without a home of their own in Waltham forest in 2006/7. This is a rise of 1419 (over 280%) since 1997 when Labour came to power.
 
During that decade there has been an overall fall of 450,000 affordable houses for rent from social landlords, such as local councils, in England.
 
Cllr Farooq Qureshi (Leyton) said:

 “These are very worrying figures. They mean that nearly 2,000 local families are without a proper home.
 
“There has been a lamentable failure by the Government to address the housing crisis in England. Labour are strangling council housing. Gordon Brown has ensured only a handful of new council houses have been built during the past decade across the country.
 
“The rise in the number of people in temporary accommodation here in Waltham Forest is a prime example of Labour’s failure.
 
“In March, Liberal Democrats backed calls in Parliament to give councils the power and resources to build new houses. The measure was defeated by the Government whilst the Conservatives sat on their hands and refused to take part in the vote.
 
“Had the measures been agreed, we could start to address the housing shortage here in Waltham Forest. Instead, we will end up with more people in temporary housing and many others living in over crowded conditions.”