Analysis by property developer Southern Grove has revealed that the City of London suffered the steepest fall of any local authority, recording a 64.1% drop.
Hammersmith & Fulham and Redbridge were the worst-performing boroughs, falling by 61.6%.
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The latest figures showed that 9,205 affordable homes were built in 2018/19, just over half of the 18,120 constructed at the capital’s peak in 2014/15.
The London Assembly estimates that 43,000 new affordable homes are needed each year up to 2041 to meet demand.
Andrew Southern, chairman at Southern Grove, commented: “Years of abysmal housebuilding rates have left London with an enormous black hole in its provision of affordable homes.”