More affordable homes for London

27-Jul-2005

London is to receive an increase in the number of affordable housing being developed in the capital over the coming years, providing more opportunity for first time buyers.

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Mayor Ken Livingstone has announced that he is raising the target for the building of new houses in London above the current level of 23,000 per year to over 30,000 every year.

Many of the new developments will be kept aside to provide first time buyers with affordable housing, and the mayor is confident that the extra buildings can be developed within the constraints of current land-use plans.

Aspiring homeowners in the capital have already been boosted by the news that there will be a number of affordable housing developments built in east London as part of the 2012 Olympic plans.

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Mr Livingstone's revised targets will serve to help more aspiring first time buyers get onto the first rung of the property ladder in the city with the highest property prices in the country.

The mayor is using a new London Housing Capacity Study (LHCS) to support his plans, as the report suggested that the capital should be aiming to build over 31,500 new homes per year.

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