In yet another commendable move by London Mayor Sadiq Khan, the City Hall is set to receive an initial £250m to buy and prepare land for new and affordable homes.
The money made from selling the land to homebuilders will be recycled to buy further land for new and affordable homes, unlocking opportunities across the capital. The announcement comes, as the Mayor published his first draft Housing Strategy for London.
The Mayor has made clear that solving the capital’s housing crisis will be a marathon not a sprint. His strategy sets out how the Mayor plans to use his current powers and resources to their fullest extent. Such strong initiatives from the Mayor will help address the housing crisis from the long-term.
Alongside earmarking money to secure land for affordable housing, the Mayor will also be recruiting new technical ‘deal making’ experts for his Homes for Londoners team, to identify and prepare the new sites. The Mayor has also made it clear that he is prepared to use City Hall’s statutory powers, including Compulsory Purchase, to their fullest extent where necessary to secure land for new and affordable homes.
The new land fund will be used alongside the record £3.15 billion affordable housing budget that the Mayor successfully negotiated from Government, and City Hall will work with a range of home builders including councils, housing associations and commercial home builders on housing developments.
From £250 million to kick-start my plans to secure more land for new and affordable homes, to a new model and fairer deal for millions of private renters, I want to help all Londoners facing the housing crisis