Landlord News

Housing Zone scheme reaches landmark

Em Morley - July 30, 2015

Encouraging news has come today with the announcement that the Mayor of London has reached the 50,000 landmark for new homes in London through his Housing Zone scheme.

In addition, three further zones have been announced, with the Mayor promising to fast-track development in the boroughs of Brent, Westminster and Sutton.

Efforts

The announcement of the new areas builds upon the existing efforts to provide new housing, including the creation of the London Land Commission and the London Housing Bank.

18 of the promised 20 areas outlined in the Housing Zone scheme have been announced, which brings the total number of houses to be built to 50,965. A third of these new homes will be affordable housing to buy or rent. [1]

Housing Zones are the result of a joint effort by the Greater London Authority, the government and local boroughs to quicken up the approval process and push through development. It is hoped that together, valuable brownfield land can be uncovered in order to meet London’s persistent housing demand.

Today’s announcement has seen the Mayor promise to invest £44m in three new Housing Zones in different areas of the capital. Together, the zones will provide 6,600 new homes, alongside new transport links, 13,000 construction jobs and retail precincts, making these areas in urban districts for Londoners.

Housing Zone scheme reaches landmark

Housing Zone scheme reaches landmark

Hard work

Mayor of London Boris Johnson, commented, ‘we have worked very hard to reach our goal of 50,000 homes, and we’ve done it with two more Housing Zones to go. This scheme has proven extremely popular with boroughs, who have clearly been looking for just that extra bit of assistance in revving up their housebuilding to answer clear demand for Londoners.’[1]

‘I could not be more pleased at the progress of this innovative scheme and the real outcomes it has delivered for our city,’ he added.[1]

[1] http://www.propertyreporter.co.uk/property/mayors-housing-zone-scheme-reaches-50000-new-homes-target.html