Thousands of new homes to be built across London

Thousands of new homes to be built across LondonMinisters have unveiled plans to build 50,000 new homes across London. 

As part of proposals outlined by the London Assembly, £400 million will go towards delivering 20 new housing zones in the capital.

Of that funding, the Assembly will be providing £200 million.

The Mayor of London Boris Johnson will also be given powers to push through development orders within the housing zones and intervene in cases where local boroughs are slow to implement housing plans.

In addition, he will be able to call in developments of 100 or more homes where there are delays.

Under the plans, existing housing estates in need of large scale regeneration and developments on existing brownfield sites will also be more efficient.

Commenting on the proposals, Mr Johnson said: "This estate regeneration fund will allow us to provide wonderful new homes for existing residents and radically improve the quality of housing in many neglected communities. 

"We want to create welcoming neighbourhoods in which people aspire to live all across the capital. Many of our estates date back to the 1960s and it is high time that they received a new lease of life and I urge developers to apply for the funding and get building."

He added that housing is one of the biggest challenges for London's economic development and the new scheme will help to address that issue.

Of the 50,000 homes expected to be built as part of the plans, 25,000 will be classified as affordable.

Under the initiative, local authorities will be expected to partner with a developer to build new homes.

The funding for housing zones will be allocated by a competition in which authorities will be invited to bid for a share of the money.

Published 25th June, 2014

© 2014 Estates IT Limited

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£400 million will go towards delivering new homes in London.

Thousands of new homes to be built across London

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