London sets out spending plan for affordable homes

2nd December 2016

The Greater London Authority will spend £3.15bn to build 90,000 affordable homes by 2020/21. About 60,000 will be a mix of London Living Rent schemes - with rent set at one-third of average local household income - and shared ownership. A further 29,000 will be for councils' Affordable Rent housing, with a benchmark of £153 per week for a two-bed home. Grants up to £60,000 per council house will be offered to non-profit housing associations - with £28,000 grants available for affordable homes. The Standard notes that London Mayor Sadiq Khan has hit back at a claim that he “ratted” on an election pledge to make 50% of new homes in London genuinely affordable – an accusation presented by the London Assembly's Conservative housing spokesman Andrew Boff.

Financial Times (29/11/2016)   Evening Standard (29/11/2016)