50,000 new affordable homes to be built in London



Sadiq Khan has struck a deal with councils and housing associations in London to start building an extra 50,000 affordable homes to rent and buy over the next four years.

Both housing associations and councils have committed to this deal in response to the mayor of London’s call for bids to the record-breaking £3.15bn affordable homes fund.

This is almost treble the 18,000 homes that were secured by the final call for bids issued by the previous mayor in 2014.

All 32 boroughs and the City of London will see new houses built. 

In total, 49,398 genuinely affordable homes will be built with an estimated investment of £1.7bn.

These houses will be delivered by 44 separate housing providers, as well as nine London councils.

There will be 17,500 available for rents around social levels, and just under 32,000 will be for a combination of the new London living rent and shared ownership.

The housing associations have been given the freedom to swap homes between London living rent and shared ownership.

The mayor of London said: “We know that solving the housing crisis is not going to happen overnight, but I very much welcome so many housing associations and councils matching my ambition by committing to build the new and genuinely affordable homes Londoners so desperately need."

The deal also includes eight new strategic partnerships with housing associations L&Q, Hyde, Genesis, Clarion, Network, Notting Hill, Optivo and Peabody.



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