London houses are in such demand that the Mayor of London is looking to help.
At the end of last month, Boris Johnson unveiled the new London Housing Strategy draft for consultation, along with new funding proposals of over £1 billion aimed at helping the development of 45,000 low-cost homes.
In a speech to press at Greenwich Square, Johnson said that the target is to build 420,000 new homes over the next ten years to address the housing supply crisis in London and warned that home shortage is the biggest threat to the economy of the capital. He added that this could be possible only via public-private partnerships.
With the city’s remarkable population growth, housing supply and affordability are the biggest challenges for London. The number of homes being built needs to double, Johnson claimed.
The plans include proposals to lend developers over £160 million, as well as to establish a specialist bank to help accelerate development and to support the projects aiming to create more garden suburbs in the capital.
Johnson’s proposals also aim to ensure that these better built homes reward the people working hard for the city by drastically increasing home ownership opportunities, improving the private rented segment of the market and making sure that working people have priority to rent an affordable home, Johnson added.
The housing strategy draft shows that, so far, over £5 billion have been invested in development and improvement of homes in the capital, 100,000 new jobs were created and thousands of new homes were built in new neighbourhoods all over London.
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