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03/12/2014

London housing and infrastructure receive funding

Words: Laura Edgar

Mayor of London Boris Johnson has welcomed funding commitments by the government that promise to deliver significant housing and transport schemes to the capital.

Funding confirmed in the Autumn Statement includes a £55 million loan towards the construction of the new London Overground link to the Barking Riverside regeneration scheme. In total, 10,800 new homes will be built on the 443 acres of land released by Barking Riverside Limited, a joint venture between Bellway Homes and the mayor.

As a result, the developers are now able to begin working on the next of phase infrastructure implementation that will release the next plot of land.

Additionally, £150 million of funding has been earmarked by the government for the redevelopment of four housing estates in London. This aims to improve the areas for people already living there and to speed up the supply of new housing.

The mayor has successfully lobbied for the creation of an Estates Regeneration Fund to support carefully planned redevelopment of housing estates in London and across the rest of the UK.

Final funding allocations are subject to negotiation but Notting Hill Housing Trust has bid for £49.9 million for work on the Aylesbury Estate in Southwark and Genesis Housing Association have bid for £56 million for a programme to build 2,161 homes on the Grahame Park estate. Developments at Blackwell Reach and New Union Wharf have also been approved for funding.

Further to this, with the population of the capital on the increase, £2 million has been announced to take the Crossrail 2 project forward and a prepare a plan on it.

Johnson said: “The commitments made by the government to London are big wins with the potential to make a big difference; and they were secured following tough negotiations at a critical time for our city.

“This is the number one capital in the world, our population is rocketing and there is an urgent requirement for new housing and transport infrastructure. We’ve delivered an astonishing number of new homes, but demand shows no sign of ceasing and the schemes confirmed today will be of huge help in securing a successful future for our city.”

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