London needs to double rate of housebuilding

London needs to double rate of housebuilding

Sadiq Khan calls for drastic government action in Budget on housing crisis, as new figures reveal London needs to double its current rate of housebuilding.

New figures released by the Mayor of London, Sadiq Khan, reveal that London needs to increase its rate of housebuilding and build 66,000 new homes every year to meet its growing need and put right years of underinvestment.

The Mayor is calling on the government to commit to boosting the funding and powers available to London at the Budget on 22 November in order to meet this need.

The new figures of housing need, calculated by City Hall through their Strategic Housing Market Assessment, also suggest that 65% of these new homes would need to be affordable if they are to meet Londoners’ needs.

Next month The Mayor’s will publish his draft London Plan, which will include strong new measures and set ambitious targets for every London borough.

The Mayor of London, Sadiq Khan, said: “This government keeps saying they understand the scale of London’s housing crisis, but these statistics prove they are just tinkering around the edges. It’s time for the Prime Minister to match her words with action and use the Budget to commit to the profound increase in investment and powers London needs to tackle this crisis once and for all.”

The Mayor is calling on the government to immediately restore affordable housing investment to 2009/10 levels at the Budget on 22 November, alongside a long-term commitment to increasing funding to the levels needed to meet London’s need.

Jonathan Seager, Executive Director, Housing, London First said: “The only way London can significantly increase housebuilding is through additional government investment and the further devolution of powers to City Hall. Now is the time for all layers of government to work in partnership with developers to ensure London meets its housebuilding target.”

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