Today City Hall has announced a £1 billion plan, using government funding, dedicated to council homebuilding which will see more than 11,000 new homes at social rent levels.
Responding to the news, Victoria Pinoncely, Research Manager at Centre for London said:
“London’s affordability crisis means that an increasing number of Londoners are unable to afford to buy or rent housing on the open market. This has intensified demand for submarket provision and socially rented housing, while local authority housing stock has been falling.
“The Mayor’s £1 billion plan to build 11,000 new council homes therefore brings much needed investment across London. Grants have been agreed for 27 of London’s 33 councils, which shows a huge interest from boroughs to deliver council homes again and is welcome given the uneven geography of housing needs across the capital.”
Our Borough Builders report examined council-led housebuilding in London and set out recommendations for how policymakers could to do more to support and encourage councils to deliver homes at scale.