Deepen the function and ownership of local assets held by anchor institutions, so that financial and social gain is harnessed by citizens. Develop and extend community use – public sector land and facilities as part of “the commons”.
How land and property assets are owned and managed are key features of any local economy. Land ownership matters because it is an expression of economic and political power, and in the UK the ownership of land is concentrated in the hands of the very few while the least wealthy 30% have no net property wealth at all. The current state of landownership is a major driver of inequality, as a few private owners benefit from speculation on property markets whilst the majority suffer the consequences of unaffordable house prices.
In a community wealth building approach assets are owned and managed in ways which ensure that they generate wealth for local citizens, rather than enclosed by private interests. To achieve this, public land owners should develop governance and management structures where communities can take direct control of common assets, for example through transferring under-utilised assets to Community Land Trusts, or working through Public-Commons Partnerships.