New mayoral proposal to help first time buyers in London

18-Sep-2007

Ken Livingstone has revealed plans aimed at helping first time buyers in London who are struggling to cope with the capital's sky-high property prices.

The city's mayor has published new proposals aimed at providing 50,000 affordable homes within the capital over the next three years, thus increasing the number of low-cost properties available to residents by half.

Larger homes for families will also be targeted, with the mayor's plans intending to quadruple the number of larger homes available under low cost home ownership schemes.

"We will build more affordable homes because that is what London is crying out for, which is why there will be no rowing back from the fifty per cent affordable housing target across London," Mr Livingstone revealed.

"Any attempt to water down the fifty per cent affordable housing target would make it harder to get the new homes we need," he added.

"Putting affordable housing at the centre of the new Draft Housing Strategy is good news for Londoners, particularly struggling first time buyers and those suffering at the sharp end of the capital's housing crisis," added Shelter chief executive Adam Sampson.

First time buyers are increasingly being forced to live in the outskirts of London and endure long commutes into work, it was warned last month.

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