Mayor of London to deliver 50,000 new affordable homes for the capital in a record £1.7bn deal between City Hall and London’s councils and housing association.
Sadiq Khan has announced a deal with councils and housing associations in London to start building an extra 50,000 affordable homes to rent and buy over the next four years.
Housing associations and councils made the commitment in response to the Mayor’s first call for bids to the £3.15bn affordable homes fund secured from the government in November last year.
The announcement will see an estimated £1.7bn invested in 49,398 affordable homes being built, with new homes in all 32 boroughs and the City of London. They will be delivered by 44 housing providers – including large and small housing associations, as well as nine London councils.
Sadiq Khan, said: “I want to see everyone playing their part in tackling the housing crisis in London, because it is simply unacceptable that Londoners continue to be priced out of a city they call home.
“I am delighted that we have set a City Hall record for the number of homes allocated funding – but I am clear that we have got much more to do to secure the land we need to build homes and ensure we have sufficient capacity in the construction industry.”
Paul Hackett, Chair of the G15 – representing London’s largest housing associations – said: “The commitment from London’s housing associations is an unprecedented level of ambition to build the homes the capital needs. The partnership with the Mayor is the biggest London’s housing associations have ever committed to, reflecting the urgency of the housing crisis and our strong relationship with City Hall.”
All homes will be expected to meet the design and sustainability standards set out in the London Plan.