New social housing for London

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Councils in London will receive special funding so they can erect 10,000 new homes over the next four years. Mayor Sadiq Khan announced the funding scheme in response to the drop in affordable social residences. This has been going on since the Right to Buy policy came to be during 1980.

New houses at a faster rate

This will be the first City Hall scheme committed to supporting council houses. The funds are from the £1.67 billion the Mayor gained during the Spring Settlement. This programme will aid London’s councils in accelerating the rate they build these homes.

In addition to the provisions of inflated flexibility and expertise over funding, the Mayor is providing councils with the chance to bid for grant funding at a particular rate. This will make it easier for them to supply new homes, ones based on social rent quantities.

Waltham Forest leads the way

Three councils agreed with the initial deals under this scheme. Waltham Forest intends to begin building 525 new council homes with £26 million over the next four years. According to the leader of the local council, the money shall boost the volume of council houses it can construct considerably as well as reducing the build timeframe. The goal here is to reduce the quantity of people currently on the housing waiting list.

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