London Living Rent plan could help supply 90,000 new homes by 2021Make Text Bigger
London Mayor Sadiq Khan hopes his living Rent plans will supply 90,000 new homes by 2021. The idea will set rents at no more than a third of the local average household income while tenants save for a deposit to buy a property.
£3.15bn has been pledged to London from central government in the Autumn Statement in an effort to provide affordable homes. The money will also go towards a mix of shared ownership and low cost rent as well as Living Rent.
The Mayor will also be looking to free up planning rules and work with housing associations and developers to deliver genuinely affordable homes to be bought or rented.
Private Build to Rent developments will have viability assessments to calculate the percentage of affordable housing and the levels of discounted rents that will be charged rather than meeting a fixed target.
The Mayor said “London is in the midst of a housing crisis, with thousands of Londoners priced out of a city they call home.
“I have been clear that fixing the housing crisis will be a marathon and not a sprint, but I am determined to lead from the front and get on with building genuinely affordable homes for Londoners to rent and buy.
“These announcements demonstrate real progress on the long road towards fixing London’s housing crisis.
“The record-breaking investment I have agreed with government means we can start building a range of different affordable homes to suit Londoners’ needs. Together with my new planning guidance, we can begin to boost the number of homes built in London and move towards a long term strategic goal of half of all new homes being genuinely affordable.”
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.