Mayor Sadiq Khan has agreed a new deal with Government to fund thousands of council and other affordable homes over the next five years.
The deal – the first round of bidding for the Mayor’s new 2021-26 affordable homes programme – saw £3.46bn for 29,456 homes agreed with councils and housing associations.
In total, almost six in 10 of the homes (16,739 homes) funded by the first round of this programme will be made available at the cheapest social rent. The remainder will be for shared ownership and London Living Rent.
‘I am delighted that we have been able to come to a deal with the Government to get started on nearly 30,000 genuinely affordable homes,’ said Mayor Khan.
‘Over the last five years I have overseen a council homes renaissance in London thanks to our relentless focus on giving boroughs the funding and expertise they need to build. I’m pleased to see this is now paying off with more than half the homes being funded at social rent levels in this deal being built by councils.’
Cllr Darren Rodwell, London Councils’ executive member for Housing & Planning, said: ‘We urgently need more affordable homes in London – especially social housing.
‘So it’s great news that this much-needed boost to housing delivery in the capital has been agreed. London boroughs are determined to play our part in making this happen. We want to see quality – as well as quantity – in the new homes built in our communities.
‘We support this push for a new generation of affordable homes that London can be proud of.’