London is set for a major transformation with the Mayor and Transport for London (TfL) announcing a new multi-million-pound funding programme to convert town centres and neighbourhoods into more attractive, accessible and people-friendly public spaces. This announcement will impact the residential real estate market, as London is considered one of the best global cities to live in offering the best lifestyle.

According to an announcement from the Mayor’s office, the new £85.9 million Liveable Neighbourhoods programme will give boroughs an opportunity to bid for funding for long-term schemes that encourage walking, cycling and the use of public transport, in line with the Mayor’s Healthy Streets approach.

The programme will provide grants of between £1 million and £10 million for a wide range of community-supported projects, potentially including the creation of green spaces, new cycling infrastructure, redesigned junctions and the widening of walking routes to improve access to local shops, businesses and public transport. By supporting projects, which have local support, the funding will particularly target schemes that are shown to improve boroughs and reduce car trips – improving health and air quality.

The Liveable Neighbourhoods programme is a key part of the Mayor’s draft Transport Strategy, which last month detailed plans to create a fairer, greener, healthier and more prosperous city by making London’s streets more welcoming and encouraging active travel and public transport.