Sadiq Khan sets out plans to deliver 90,000 affordable homes for Londoners.
The Mayor of London, Sadiq Khan, has set out new planning rules to speed up the building of more affordable housing, alongside plans for how record-breaking investment of £3.15bn will support 90,000 new affordable homes in the capital.
The Mayor’s new funding programme details how he will use the investment – the biggest housing deal ever secured by City Hall – to support new affordable housing in the capital over the next five years. Launched alongside it is new planning guidance, designed speed up development and boost affordable housing numbers.
Sadiq Khan, said: “These announcements today demonstrate real progress on the long road towards fixing London’s housing crisis. The record-breaking investment I have agreed with government means we can start building a range of different affordable homes to suit Londoners’ needs. Together with my new planning guidance, we can begin to boost the number of homes built in London and move towards a long-term strategic goal of half of all new homes being genuinely affordable.”
Following negotiations with government, new rules mean investment in London can now be spent on a mix of homes for low-cost rent and affordable homeownership.
The 90,000 affordable homes will be a mix of low-cost rent, shared ownership and London Living Rent, which is based on a third of average household incomes in each borough.
Most homes in the Mayor’s programme will be delivered by housing associations, with the condition that their plans must include a minimum 50% affordable housing, with some partners enabled to deliver at least 60%.
Ian Fletcher, Director of Policy at the British Property Federation, said: “The GLA has led the field in seeking to have a planning policy on Build-to-Rent and this latest guidance is immensely helpful to the sector and the Boroughs with which it works. When you are trying to do something new in housing inevitably you need to develop understanding, and the Mayor, his Deputy and team have wanted to be at the forefront, working with planners and investors to cast a sensible planning policy.”
Geeta Nanda, CEO of Thames Valley Housing Association, said: “The settlement for London is a great success and allows us the flexibility to build a range of homes for the very many people who are looking to us to deliver the housing solution. Not only is this important for those with dire housing needs but also for the economy. London needs its workers to be well housed for the economy to grow. At TVHA we look forward to working with the GLA to help plug the gap.”
Killian Hurley, Chief Executive at Mount Anvil, said: “Mount Anvil are incredibly pleased with the Government’s plans to boost the number of new homes through the injection of £1.4bn into affordable housing schemes, alongside a further £2.3bn Housing Infrastructure Fund.
“This country faces a housing shortage – across every tenure with too few homes being built to meet the housing needs of the nation. This commitment of funds will help the industry deliver homes that London so desperately needs. At Mount Anvil, we understand that the industry has to build better homes as well as more homes, and look forward to working alongside our housing association partners to deliver these.”
