Redrow states that “Average rent for an apartment in E1 is £1,935”
https://www.redrow.co.uk/…/one…/investor-information – this gives no indication as to what the market rate would be for the highly sought-after One Commercial Street, just for E1 as a whole. But let’s use the conservative estimate. Redrow says social housing provides a discount of up to 20% off market rates – that makes rent at the social housing in One Commercial Street around £1,548 per month. On the “tenant tips” website, it states that “It’s a good rule of thumb to spend only 25%-30% of your total income on rent.” So, you’d have to have a household income of around £6,000 per month or £72,000 per annum. As such, the “social housing” is only going to be affordable for people who earn well above the average wage. Not the unemployed, not the working-class.
A police officer’s starting pay is around £24,000 and after five years they can expect around £31,000. So, these are no ordinary police “key workers”. Only an inspector on a high pay grade would be able to afford the “social housing”.
We’re not talking “poor doors”, we’re talking “less rich doors” or “professional doors”. Social housing rent is being used as a way to subsidise the housing of high income professionals. In itself, social housing is helping to socially cleanse the East End.