News
£5 billion plan for London’s housing
Mayor of London Boris Johnson (pictured) has today unveiled a £5 billion housing strategy to support the city's ailing property market over the next three years.
On a greener note, he also wants to create 2,012 new vegetable gardens in London.
Mr Johnson’s latest idea aims to boost the construction sector in London during this economic downturn whilst supporting the industry to deliver new affordable homes.
Alongside these key points, he also aims to provide more sustainable routes to home ownership.
He will work with the Homes and Communities Agency to invest almost £2 billion each year from the London housing budget to deliver new homes and improve existing homes.
Mr Johnson said: “The new strategy will include a range of ideas that will replace outdated policies, which no longer apply to the current housing market and economic climate in London."
In a break from conventional thinking, investment will be directed into new ways of delivering homes to tackle the credit crunch.
Funding will be used to kick-start stalled developments in London, to acquire unsold market homes for affordable housing and to bring forward public sector land for new development.
In addition funding will be used to develop subsidised rent and rent-to-buy schemes, which could be sold at a profit or turned into permanent affordable homes when the upturn arrives.
Mr Johnson added: “The strategy focuses not only on the issues facing the housing market in these difficult times but the historic problems of affordability, homelessness and overcrowding.
“It is designed to meet the needs of Londoners aspiring to get a foot on the housing ladder. For far too long London's finest have been priced out of the capital's housing market and, as a result, forced out of town with the capital losing their skills and expertise.
“These plans aim to put London on a strong footing for the eventual upturn in the housing market.
“By enabling ordinary Londoners to move from being subsidisers to being investors in new homes, we will provide timely support to a struggling development sector and can expect a return on our investment in years to come,” he added.
Mr Johnson’s veggie scheme aims to boost the amount of locally grown food in the capital by urging Londoners to turn their empty spaces into veggie plots.
This is all part of the ‘Capital Growth' plan to grow food on 2012 patches of land across London by 2012.
Flat roofs, canal banks, disused railway yards and other derelict land lots are also being earmarked for this green sensation.
The demand for allotments has sky rocketed over recent years as people are keener than ever to live the good life in a green manner.
‘Capital Growth' will supply Londoners with financial and practical support to grow their own veggies, such as gardening tools and compost.
The London Development Agency will fund a pilot scheme over the next six months to identify the first 50 spaces, at a cost of £87,000.
Post a Comment on this News Article.
