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Sadiq Khan: 25,000 New Affordable Homes by March 2023

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Old Oak and Park Royal Development is one of the most well known social housing projects in the Mayor’s plan.

sadiq khan next to affordable homes
by Richard AllanNovember 1, 2022

To meet his housing targets, Sadiq Khan must execute a plan to build 25,000 new affordable homes by the end of the current financial year.

In 2016, the Mayor of London was given a £4.82 billion grant for 116,000 new affordable homes to be completed by 2021, but extended to 2023 due to COVID. A further 35,000 homes are expected to be delivered from £4 billion of funding between 2021 and 2026, however work has not started.

London Assembly reports that 78% of the homes required under the 2021 to 2023 target have been started. But, progress is needed in order to hit the 2023 goal.

Sem Moema, chair of the London Assembly housing committee said

“Many Londoners struggle to get onto the housing ladder and affordability has worsened more than anywhere else in the country, driven largely by house prices increasing faster than earnings. In the current climate, these concerns are even more serious. But Londoners, of all ages and no matter what they earn, have the right to live in a safe, affordable and good quality home.”

Rising cost of materials, safety, and macro economic factors are hiddering the progress of the goal. Tom Copley, London’s Deputy Mayor for Housing said “the mood has never been so bleak” among stakeholders involved in the delivery of housing and that the recent “economic chaos” has had a “direct impact on our ability to deliver affordable homes for Londoners”.

Old Oak and Park Royal Development is one of the most well known social housing projects in the Mayor’s plan. The project is responsible for regenerating 650 hectares including the common land area of Old Oak Common and the industrial Park Royal site in West London. Plans are in place for the construction of 24,000 homes in Old Oak, consisting of a mixture of house types and tenures, along with opportunities for a minimum of 1,500 new homes to be built in non-industrial areas in Park Royal.

Lendlease have been working with local authorities on many social housing projects. A spokesperson said “While we will continue to work in partnership with other major housing associations, we believe it will make delivery of our pipeline more resilient. It will also help us access new equity investment, which will ultimately allow us to deliver more affordable homes at greater speed, and in more diverse places and communities.”

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