£404m Allocated To Build New Homes In London

A total of £404m has been allocated to more than 50 housing providers to build thousands of homes in London.

The Mayor of London, Boris Johnson, intends to deliver 45,000 homes in London boroughs by 2018.

The allocations will see almost half of London's boroughs run their own development programme with funding from City Hall and 11 housing associations running large scale construction programmes of over 500 homes each.

The latest allocations will open a total investment of £4.23bn into house building in the capital. Of the 54 providers receiving funding, Notting Hill Housing Trust have won the largest allocation with £59.3m to deliver 2,250 homes. Fifteen boroughs in all corners of the capital are also benefiting with Waltham Forest receiving £9.7m to deliver 387 homes, while in Lambeth, 303 homes will be delivered with an investment of £10.9m. For the first time the Greater London Authority is also making an allocation to Grainger Trust, a significant private landlord active since 1912, which has been allocated £5.6m to deliver 195 homes.


In addition, the Mayor is taking forward five bids for a portion of a further £85m to establish an innovative revolving fund, that could see up to 5,000 homes built over a longer-period by 'recycling' investment. The revolving fund bids, including one from the Big Issue Invest and another from Mill Group, are part of the Mayor's drive to attract wider sources of investment to support house building and develop longer-term funding packages with individual providers.

Mr Johnson said: "The only way to address the huge demand for housing and tackle the 30 year back log of under supply is to build more homes. We've worked closely with expert housing providers to ensure this funding will deliver much needed low cost homes across the capital.

"These latest funds, together with innovative measures to unlock land and development being pioneered by City Hall, will produce thousands more good quality affordable homes for Londoners to rent and buy. We will continue to work with the Government, developers and investors to drive forward and deliver the thousands of homes needed in the capital."

(CD/JP)