You are here: Home - News -

Treasury launches London Land Commission

  • 20/02/2015
  • 0
Treasury launches London Land Commission
The government is to establish a London Land Commission which will aim to develop the equivalent of 100% of the capital’s disused industrial and commercial land by 2025.

The commission, announced by the Chancellor and Mayor of London as part of its long-term economic plan for London, will identify public sector land for development to meet its target of building over 400,000 homes within the next 10 years.

Announcing the measures on Friday, Chancellor George Osborne said the commission would provide a “lasting solution” to London’s housing shortage.

Nine new housing zones have been designated in Greenwich, Bexley, Barking and Dagenham, Wandsworth, Harrow, Hounslow, Lewisham, Southall and Haringey. HM Treasury said establishing these new zones would support and accelerate the construction of up to 30,000 new homes.

An £84m Social Mobility Fund has also been announced to help council tenants eligible for Right to Buy to purchase their own home on the open market. Local authorities will be able to bid for funding to offer cash sums to council tenants who wish to buy their own home, the government said.

Osborne said: “This month London has surpassed the peak population reached over 70 years ago. For many years in between it declined in size as people left the city to look for better housing.

“It’s a reminder that there’s nothing inevitable about London growing – and that if we want to see the current growth continue, we have to solve London’s acute housing problem.”

There are 0 Comment(s)

You may also be interested in

Read previous post:
Accord cuts rates on 65% LTV mortgages

Accord Mortgages has reduced the rates on its two, three and five-year fixed-rate mortgages for borrowers with a 35% deposit.