8000 new home have been started via the Mayor of London's Land Fund. This is five years ahead of schedule.
The Land Fund was established by Sadiq Khan in 2017 to be more direct and interventionist in tackling London’s housing crisis.
The fund comprises of over £736 million and includes £486m provided from the Ministry of Housing Communities and Local Government.
So far, the fund has provided land acquisition finance to help Peabody Trust deliver nearly 1,000 homes on the former Holloway Prison site in Islington, acquired surplus land on hospital sites capable of delivering up to 1,000 homes across Enfield and Haringey, and supported City & Docklands with mezzanine finance for build-to-rent homes at Mitre Yard in the Old Oak & Park Royal opportunity area.
Last year, London completed just over 11,600 homes, which is the second highest number of completions since 2015/16. Of these homes, nearly 6,700 are affordable homes for social rent and equivalent.
Mayor of London, Sadiq Khan, said: “The innovative Land Fund has enabled us to tackle the housing crisis head on, starting more than 8,000 new homes five years ahead of schedule. I am proud that nearly 6,700 affordable homes at social rent levels were completed last year, which is the highest in a decade.
“But we know there is more work to do to fix the housing crisis in London. I’m pleased that the Government has committed to work with me to establish the City Hall Developer Investment Fund to unlock further housing in London. I will continue to work closely with them to secure even more national support to help build the level of new housing London needs, as we build a better, fairer London for everyone.”
Deputy Prime Minister and Housing Secretary, Angela Rayner, said: “We’re facing a housing crisis which has stopped our young people from achieving the dream of homeownership, especially in London where there is a real demand to build the affordable homes we need.
“That’s why we welcome the Mayor of London pushing ahead to build these homes, and we will continue to work hand-in-hand with him to deliver on our stretching target of 1.5 million homes through our Plan for Change.”
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