The Mayor of London, Sadiq Khan, has today launched his draft housing strategy for London earmarking £250 million for buying and preparing land for new and affordable housing. The money made from selling the land to homebuilders will be recycled to buy further land for new and affordable homes, unlocking opportunities across the capital.
The new land fund will be used alongside the record £3.15 billion affordable housing budget and City Hall will work with a range of home builders including councils, housing associations and commercial home builders on housing developments.
Alongside the new focus on land, the Mayor also wants a better deal for London’s two million private renters – for a new ‘London Model’ of renting. This will include support for new purpose-built private rented homes through the Build to Rent sector to provide stable and well-managed homes.
The Mayor has also made it clear that he is prepared to use City Hall’s statutory powers, including Compulsory Purchase, to their fullest extent where necessary to secure land for new and affordable homes.
To protect the Green Belt the Mayor will support high quality high density developments on brownfield land, while supply issues will be addressed by improving the skills, capacity and building methods of the construction industry.
The strategy sets a target for starting to build 90,000 new affordable homes by 2021 and increasing the building of more genuinely affordable homes. This includes support for a range of other types of intermediate rented homes, as long as they are accessible by those whose household incomes fall under £60,000.
On the Government’s proposed review of space standards, the Mayor will ensure London’s circumstances are taken into account and that ‘good minimum space standards’ are maintained.
Commenting, the Mayor of London, said: “It is shameful that a generation of young people are being priced out of the city they grew up in because of the housing crisis. I’ve been honest from the start that turning things round will take time and fixing the housing crisis will be a marathon not a sprint.
“From £250 million to kick-start my plans to secure more land for new and affordable homes, to a new model and fairer deal for millions of private renters, I want to help all Londoners facing the housing crisis. This launch marks the start of a three-month consultation – I want as many Londoners as possible to let me know their views on how we can improve housing in London.”
To participate in the consultation, visit www.london.gov.uk/have-your-say-housing-strategy-consultation. You can read the full draft housing strategy document HERE.