Land Fund from Mayor to deliver over 8,000 new homes
The Mayor of London, Sadiq Khan has announced that over 8,000 new homes have been started via his Land Fund, five years ahead of schedule. The “pioneering” was launched by the Mayor in 2017 “to be more direct and interventionist in tackling London’s housing crisis following a failure over recent decades to build the homes London needs.”
Its approach hopes to provide “flexibility” for City Hall to provide financing for projects. This includes buying land for developers and partners to unlock significantly more homebuilding opportunities in the capital at a “far greater speed than before.”
The Land Fund comprises over £736 million and includes £486 million provided by the Ministry of Housing Communities and Local Government. It is also unconstrained in the type of investment it can provide, giving a broad range of support investment opportunities alongside commercial partners.
The Mayor has confirmed that, despite a difficult operating environment nationwide for housing delivery partners, last year saw London completing just over 11,600 homes, te second highest number of completions since 2015/16. Of them, nearly 6,700 were affordable homes for social rent and equivalent, the highest since taking office in 2016.
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