Mayor of London, Sadiq Khan, has exceeded his goal of starting 116,000 affordable homes in the city.
In an speech scheduled for today, Khan will confirm that he has surpassed this target set for the period between 2015/16 and 2022/3.
A record 25,658 affordable homes were started in London last year, more than tripling the number managed at the end of the previous Mayor’s term.
Despite a challenging economic climate, construction of affordable homes is continuing across all London boroughs. In addition to this achievement, the Mayor will reiterate his call to the Government for powers to freeze rents, a measure aimed at alleviating the financial pressures faced by many residents.
In his address, Khan will refer to London’s housing crisis as a “grave social injustice”, pointing to the urgency of constructing affordable housing to preserve the “soul of our city”. He is set to say: “London’s housing crisis is clearly a brake on growth and a barrier to Londoners fulfilling their potential. And fixing it is key to safeguarding the soul of our city.”
He will emphasise the choices that he’s made to address London’s housing crisis, declaring, “We’re choosing to build the genuinely affordable homes Londoners need, not prioritising luxury penthouses for overseas investors. We’re choosing to take the side of renters by demanding the Government introduce a rent freeze. We’re choosing to reject the notion that housing is an asset, rather than a basic necessity. And we’re choosing to crackdown on dodgy landlords, stand up for working Londoners and get tough with developers.”
The Mayor will also speak on the urgent need for a rent freeze, insisting that despite the progress made in homebuilding, there is a long way to go. He will affirm: “The fact demand for housing outstrips supply is why I’ll continue fighting the corner of renters – putting pressure on the Government not only to improve renters’ rights, but to give me the powers to introduce a rent control system for London that would allow me to freeze rents and give renters badly needed respite.”
However, even with this accomplishment, the scale of London’s housing crisis remains significant. Research conducted by City Hall and Savills in December 2022 suggested that London requires £4.9bn a year between 2023-24 and 2027-28 to deliver the 130,000 affordable homes needed. The Mayor has used his influence over the planning system to increase the amount of affordable housing provided on major developments, leading to a substantial increase in the percentage of affordable homes on developments approved by him.
Khan’s announcement will be made at a construction site in the Royal Docks, where a partnership between Mount Anvil, Newham Council, and Riverside Housing Association is set to deliver 262 affordable homes.
The Mayor will conclude: “I came into politics not to pull up the ladder, but to extend a helping hand to the next generation, and to keep the promise of London alive as a place where all can live, work, flourish and thrive. I will not rest in continuing to pull out all the stops to crack London’s housing crisis.”
