In 2012/2013 some 10,092 homes were started, more than double the number achieved in the previous financial year. In addition, a total of 8,114 affordable homes were completed.
Having delivered a record number of affordable homes in his first term, the Mayor is now on track to deliver a further 55,000 in the 2011/2015 investment round. At the half way point he has already completed over 25,000 affordable homes.
Earlier this month Johnson secured a minimum of £750 million for London in the Budget, to help boost new build construction and support thousands more mid-income Londoners to buy their own home through low cost finance. This is in addition to the £100 million already pledged as part of his Housing Covenant to stimulate the market, cut red tape and broaden the range of low cost home ownership products available.
He wants to be able to retain the huge Stamp Duty Land Tax receipts generated by property sales in the capital to re-invest in house building and regeneration. He said the receipts would give the city the continuous stream of funding needed to boost supply of this vital infrastructure and increase confidence in the market.
‘Increasing the supply of affordable homes in London is intrinsically linked to the future economic growth of the capital. Without homes to live in the hard working Londoners who keep this city thriving will be forced to move elsewhere taking with them their energy and drive,’ said Johnson.
‘While there is a growing momentum behind affordable housing delivery, we need to redouble our efforts, which is why I will continue to call on government to give London all the tools and funding it needs to increase the supply of affordable homes in the capital,’ he added.
As well as assuming control of the capital's housing budget, the transfer of assets under the Localism Act 2011 has also seen the Greater London Authority become one of the largest owners of public land in London. Johnson said that he is determined to speed up the release of this, and other publically held land, to get more homes built for Londoners and support the capital's economy. He has already released more than 100 hectares of this land, with an economic value of £1 billion, for development.
In the last financial year, the Mayor invested just over £180 million across 12 London Boroughs through his Decent Homes programme to bring existing stock up to standard with modern facilities and suitable insulation and heating. This funding will bring around 12,000 homes up to the Decent Homes standard.
