Sadiq Khan has announced a partnership with one of the capital’s largest housing associations, L&Q, which will see £8 billion invested in 20,000 new homes across the capital – 12,000 of which will be ‘genuinely affordable’.
This is the first agreement under the Mayor of London’s record-breaking £3.15bn affordable housing deal secured from government last November, which will see 90,000 new affordable homes started by 2021.
The partnership with L&Q will see £8bn invested in 20,000 homes in London, of which at least 60% will be genuinely affordable. City Hall is contributing £400m towards the sum to help boost affordable housing delivery and to assist with land purchases and infrastructure costs.
The partnership with L&Q – the first of its kind between City Hall and a housing association – is a part of the Mayor’s plans to work with housing associations that are prepared to build at scale and willing to deliver at least 60% affordable housing. L&Q has also indicated its commitment to making significant new investments in construction skills and training to build homes for Londoners.
The Mayor of London, Sadiq Khan, said, “For far too long, London has not been building enough homes. This has meant that Londoners born and raised in our great capital have struggled to rent and stood little or no chance of owning a home in their own city.
“I urge other housing associations to work with us to get on and build the homes London needs. I have been clear that fixing the housing crisis will be a marathon and not a sprint, but I am determined to lead from the front and get on with building affordable homes for Londoners to rent and buy.”
David Montague, L&Q Group Chief Executive, said, “L&Q and the GLA have been forging closer ties over many years to tackle London’s housing crisis, and this strategic partnership takes our ambition to an exciting new level.
“By working together, we will guarantee more investment in apprenticeships, jobs, innovative methods of construction, economic growth, communities and homes for years to come.”