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06/04/2017

£8bn deal to deliver affordable housing in London

Words: Laura Edgar
Sadiq Khan / Shutterstock: 419649955

Mayor of London Sadiq Khan has announced a partnership with housing association L&Q that will see £8 billion invested in new housing across the capital.

According to the mayor, 20,000 new homes, of which 12,000 will be affordable, will be built using the money.

City Hall is contributing £400 million towards the £8 billion investment, to help boost affordable housing delivery and assist with land purchases and infrastructure costs.

The agreement is the first under Khan’s £3.15 billion affordable housing deal secured in the Autumn Statement.

Khan said: “I welcome L&Q's commitment and significant investment in building new and genuinely affordable homes for Londoners. This announcement demonstrates real progress on the long road towards tackling London's housing crisis and signals my intention to work with housing associations to deliver thousands of homes with at least 60 per cent being affordable. I urge other housing associations to work with us to get on and build the homes London needs."

David Montague, chief executive at L&Q Group, said: "Over the last five years L&Q has invested more than £2 billion in new homes for London. Now, through this ground-breaking strategic partnership, we will build upon our existing pipeline and devote significant additional capacity into delivering even more new homes in the capital. Our aim is for 60 per cent of these homes to be genuinely affordable. We will also commit to major investment in construction skills and training.”

Image credit | Shutterstock

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