The funding supports Sadiq Khan’s commitment to build more affordable homes and promote the delivery of houses on small sites.

The investment — which has been granted through the mayor’s innovation fund for affordable housing — will enable Apex to build a wider range of partnerships with London councils, housing associations and private market freeholders to scale new opportunities in both inner and outer boroughs and deliver much-needed new homes.

“London’s housing crisis has been decades in the making, and we need to use every possible opportunity to build more council, social rented and other genuinely affordable homes,” said James Murray, deputy mayor for housing and residential development.

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“Our £10m loan will help Apex work with councils and housing associations to use [its] innovative approach of building on existing rooftops, so we can create more of the new genuinely affordable homes that Londoners so desperately need.”

Arshad Bhatti, founder and chief executive at Apex Airspace (pictured above), added: “[This] announcement is testament to City Hall taking an innovative approach to building more affordable homes and, as pioneers in airspace development, we are thrilled to be working in partnership with the mayor.

“With a robust pipeline, this £10m funding will help deliver much-needed new homes to people across the capital who suffer at the hands of a lack of affordability, a lack of choice and longer commutes.”