Mayor demands emergency £5bn investment package for homes post-coronavirus (COVID-19)

Mayor demands emergency £5bn investment package for homes post-coronavirus (COVID-19)

The Mayor of London, Sadiq Khan, together with the London housing sector, has called on the government to agree to an emergency £5bn affordable homes investment, in order to kickstart London’s housing sector post-coronavirus (COVID-19). Additionally, following the government’s extension of the current affordable housing scheme, the Mayor is also calling for a commitment of a further £4.9bn a year investment to build genuinely affordable housing in London.

A ‘COVID-19 Housing Delivery Taskforce’ has been convened, and outlined demands for the recovery package, which would be used to support two key policies:

  • a ‘buyer of last resort scheme’: supported by £3.5bn, allowing councils and housing associations to buy unsold private homes at cost price, turning them into social housing if a buyer cannot be found on the open market. This would guarantee the delivery of 9,200 homes between 2020 and 2022
  • a tenure conversions programme: support by £1.33bn, which would convert housing currently planned for low-cost ownership and sale into homes for social and low-cost rent. If the scheme were to be fully funded, it would deliver 34,597 homes at a tenure split of 70% London Affordable Rent, 20% London Living Rent and 10% London Shared Ownership for the remainder of the current Affordable Homes Programme

Source: Mayor and housing sector call for £5bn affordable homes investment

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