Beckon lead councillor Ayesha Chowdhury owns a property portfolio worth in excess of £4 million
On Monday Newham council officers and the police forcibly took back possession of a flat in Stratford that had been occupied by its former tenant and the Focus E15 housing campaign. Jasmin Stone, the most prominent of the campaigners was arrested and later bailed.
It is the latest in a long line of incidents that highlight the chronic shortage of social housing in the borough and the council’s complete lack of interest in those who need it most. When anyone dares to challenge the mayor’s priorities – “developers, developers, developers,” to borrow a phrase – he has no hesitation in sending in the heavies.
The ‘developers first’ policy means that the gleaming glass and steel towers going up in Canning Town, Royal Docks and Stratford contain few, if any, affordable units. Properties are openly marketed to overseas investors with the tagline ‘no social housing’.
With hundreds of council homes being deliberately left empty and new builds aimed squarely at the investment market, the thousands of families on the social housing waiting list have few options. Demand for private rented accommodation has rocketed and rents have soared – along with the housing benefit bill – transferring wealth upwards into the ever-expanding pockets of the rich.
Which is good news for the large number of Newham councillors who are private landlords.
Take Beckton’s Ayesha Chowdhury, for example. She has amassed a portfolio of Newham properties that – based on estimates from property website Zoopla.co.uk – is now worth more than £4 million. Zoopla also provides an estimate of her potential monthly rental income. If all Cllr Chowdhury’s properties are let out at these rates she’ll be pulling in close to £19,000 a month.
|
Purchase Price |
Current Value |
Increase |
Monthly rental |
82 Downings, E6 |
£105,000 |
£238,000 |
£133,000 |
£1,100 |
95 Lonsdale Avenue, E6 |
£55,000 |
£165,000 |
£110,000 |
£790 |
6 Truesdale Road, E6 |
£122,000 |
£260,000 |
£138,000 |
£1,200 |
100 Park Avenue, E6 |
£72,000 |
£185,000 |
£113,000 |
£890 |
199 Tollgate Road, E6 |
£65,000 |
£172,000 |
£107,000 |
£828 |
10 Harrier Way, E6 |
£249,000 |
£370,000 |
£121,000 |
£1,700 |
27 Trader Road, E6 |
£198,500 |
£295,000 |
£96,500 |
£1,365 |
5 Hogarth Close, E16 |
£185,000 |
£296,000 |
£111,000 |
£1,588 |
47 Plymouth Road, E16 |
£140,000 |
£219,000 |
£79,000 |
£868 |
205 Tollgate Road, E6 |
£57,500 |
£152,000 |
£94,500 |
£732 |
18 Eric Close E7 |
£189,000 |
£264,000 |
£75,000 |
£1,021 |
96a Plashet Grove E7 |
£160,000 |
£188,000 |
£28,000 |
£903 |
5 Chelmsford Close, E6 |
£225,000 |
£334,000 |
£109,000 |
£1,546 |
203 Tollgate Road, E6 |
£160,000 |
£197,000 |
£37,000 |
£950 |
5a Hogarth Close, E6* |
£75,000 |
£195,000 |
£120,000 |
£1,000 |
39 Albatross Close, E6 |
£191,600 |
£287,000 |
£95,400 |
£1,380 |
20 Viscount Drive, E6** |
£205,000 |
£210,000 |
£5,000 |
£1,011 |
TOTALS: |
£2,454,600 |
£4,027,000 |
£1,572,400 |
£18,872 |
* New build – estimated construction cost
** My estimate – actual sale price not yet available
This might be portrayed by some as a story of hard work and a reward for enterprise. But until 2011 Cllr Chowdhury lived in social housing, paying a subsidised social rent while building her private fortune. She only moved into one of her own properties when the story appeared in the national press.
Despite this she was reselected as a Labour candidate for last year’s council election and rewarded by Sir Robin with an extra £6,679 a year as mayoral advisor and lead community councillor.
As the old saying has it, money goes to money.
Tags: Ayesha Chowdhury, FocusE15, Housing, newham