Peabody to sell 3,000 new homes in London

Peabody, one of London's largest housing trusts, has announced, for the first time, that it will be launching and developing new homes in London with a view to selling them on the open market to ordinary Londoners.

The Peabody sales and development teams are planning to deliver 1,000 much needed new homes per year over the next three years, and are currently on target to supply the first 1,000 new build properties by March 2015. This will contribute to Boris Johnson's plans for the construction of 42,000 new homes in the capital per year.

Priced at an average of £550-£600 per sqft, the new residential property developments are located in a range of desirable areas, such as; Hackney, Greenwich, Southwark, North Kensington and Wandsworth. Many of them form part of wider regeneration plans.

"Our developments are situated in up and coming areas of London, giving purchasers the opportunity to benefit from long-term capital growth and own an attractively designed property with high-quality internal and external specifications," said Jeremy Stibbe, executive director of development, regeneration and sales.

Until now, Peabody, which was founded in 1862, has focussed on providing homes for low income earners and key workers, owning and managing more than 27,000 properties, with 80,000 residents.

Stibbe added: "All profits generated from the private and shared ownership sales will go back into Peabody and be used to benefit local communities, charities and families, helping to further enhance people's quality of life."