Affordable Housing: Greater London

House of Lords written question – answered on 26th September 2014.

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Photo of Lord Verjee Lord Verjee Liberal Democrat

To ask Her Majesty’s Government to what extent they are supporting the Greater London Authority in providing affordable accommodation for young professionals within the capital.

Photo of Lord Ahmad of Wimbledon Lord Ahmad of Wimbledon Parliamentary Under-Secretary (Department for Communities and Local Government)

The Government has delegated responsibility for housing in London to the Greater London Authority.

This Government has provided £1.1 billion of funding to the Greater London Authority that has unlocked further private investment to help meet the Mayor’s target of delivering 55,000 new affordable homes by 2015, in fact almost 49,000 new affordable homes have already been delivered in London since 2010-11 based on current estimates. A further £1.25 billion of funding is being provided which, with the additional private investment this will unlock, will deliver a further 42,000 affordable homes in London by 2018.

We have launched Help to Buy: Equity Loan which enables people to fund the purchase of a new build home with a five per cent deposit and an equity loan of twenty per cent. By the end of June 2014 there had been 1,750 sales in London.

The £1 billion Build to Rent Fund is financing the construction of new homes specifically for private rent in London and across England. Three of the projects already in contract are together delivering over 500 new homes for private rent in London, including in Ealing, Brentford, West Drayton, Newham and Barnet.

We are creating new Housing Zones to support housing development on brownfield sites in London with £400 million funding from the government and the Mayor of London. The Mayor expects to create 50,000 new homes in twenty Housing Zones across London.

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