With dire need for housing particularly apparent in and around the city of London, new plans have been outlined by ministers that will give the Mayor greater powers to deliver new homes to buyers.
John from Innovo Property explained that the scheme could help create temporary jobs for people in London and will create new homes for around 200,000 people.
£400 million of government funding has been made available and £200 million of that will be allocated to and matched by the Greater London Assembly, and will be put towards the deliverance of 20 new housing zones in the capital.
London Mayor, Boris Johnson, will also be offered additional powers to enable him to drive forward local development orders in the specified areas in order to accelerate the pace of work. In situations where London boroughs are slow to get their plans in place, the Mayor will have new powers that will let him intervene. We will be able to call in developments of 100 or more homes when there are significant delays.
Ministers have also wanted to ensure that as well as making the best use of derelict brownfield land, existing housing estates that require large scale regeneration will get the attention that they deserve.
The move has the potential to deliver new homes on existing land. For example, London’s inner boroughs will contain 1.7 million less residents than they did in 1911, despite record numbers of people expected to be living in the city by the end of the decade.
“This estate regeneration fund will allow us to provide wonderful new homes for existing residents and radically improve the quality of housing in many neglected communities,” said the Mayor.
“We want to create welcoming neighbourhoods in which people aspire to live all across the capital. Many of our estates date back to the 1960s and it is high time that they received a new lease of life and I urge developers to apply for the funding and get building.”
It is projected that 50,000 new homes across more than 20 housing zones will be created in London with local authorities identifying and packaging together brownfield land which could be used for further development into a housing zone and eliminating any unnecessary planning restrictions. They will be expected to partner up with a developer to build new homes and the absence of planning constraints will significantly accelerate construction.
Johnson launched the scheme at 85 hectare site “Meridian Water” which has the potential to contain over 5,000 new homes, schools, libraries and commercial space, linking to the nearby Lea Valley country park.
“Housing is the biggest challenge facing London’s economic development and these new £400 million housing zones will turbo boost housing supply across the capital. This major regeneration will transform communities and provide up to 50,000 much needed homes. They will support 250,000 Londoners into low cost home ownership over the next decade,” explained they Mayor.
The funding for housing zones will be allocated by the amount of competition for development bids and the mayor has just published the prospectus inviting bids from many local authorities in London.