Partnership set to deliver 20,000 homes in London – 60 per cent of which will be affordable.
Sadiq Khan has announced a partnership with one of the capital’s largest housing associations, L&Q, which will see £8 billion invested in 20,000 new homes across the capital – 12,000 of which will be affordable.
This is the first agreement under the Mayor of London’s £3.15bn affordable housing deal secured from government last November, which will see 90,000 new affordable homes started by 2021.
City Hall is contributing £400m towards the sum to help boost affordable housing delivery and to assist with land purchases and infrastructure costs.
The partnership with L&Q – the first of its kind between City Hall and a housing association – is a major commitment to building new homes across the capital. L&Q has also indicated its commitment to making significant new investments in construction skills and training to build homes for Londoners.
The Mayor of London, Sadiq Khan, said: “For far too long, London has not been building enough homes. This has meant that Londoners born and raised in our great capital have struggled to rent and stood little or no chance of owning a home in their own city.
“I welcome L&Q’s commitment and significant investment in building new and genuinely affordable homes for Londoners. This announcement today demonstrates real progress on the long road towards tackling London’s housing crisis and signals my intention to work with housing associations to deliver thousands of homes with at least 60 per cent being affordable. I urge other housing associations to work with us to get on and build the homes London needs.”
David Montague, L&Q Group Chief Executive, said: “London has been L&Q’s heartland for more than 50 years, and we are committed to prioritising development in the capital.
“Over the last five years L&Q has invested more than £2 billion in new homes for London. Now, through this ground-breaking strategic partnership, we will build upon our existing pipeline and devote significant additional capacity into delivering even more new homes in the capital. Our aim is for 60 per cent of these homes to be genuinely affordable. We will also commit to major investment in construction skills and training.”