Scheme will be built out over four years
A £1.7 billion deal with housing associations and councils, which will see 50,000 new affordable homes built in London over the next four years, was announced by mayor Sadiq Khan.
Sites have already been identified and bought for almost half the 50,000 homes – meaning delivery can get underway immediately. New homes will be built in every London borough under the deal funded by the Greater London Authority.
The majority of the new properties – 38,500 – will be built by eight housing associations: London & Quadrant Housing, Hyde, Genesis, Clarion, Network, Notting Hill, Optivo, and Peabody.
Khan commented: “We know that solving the housing crisis is not going to happen overnight, but I very much welcome so many housing associations and councils matching my ambition by committing to build the new and genuinely affordable homes Londoners so desperately need.”
Paul Hackett, chair of the G15, which represents London’s largest housing associations, said: “The partnership with the Mayor is the biggest London’s housing associations have ever committed to, reflecting the urgency of the housing crisis and our strong relationship with City Hall.”