New Mayor of London prioritises affordable homes

affordability ratio increases
House buyers now required to pay close on ten times salary to purchase home

The new mayor of London, Sadiq Khan, has accused his predecessor of letting down Londoners when it comes to delivering affordable housing in the city. An audit completed by officials immediately after the new mayor took up his post revealed the scale of the challenge of tackling the housing crisis. Last year, only 4,880 affordable homes were delivered – the lowest number since current records began back in 1991.

The Mayor, who wants to see 50% of all new homes in London genuinely affordable, has pledged to build new homes on land owned by City Hall, including Transport for London land, and intends to fast-track scores of sites that are suitable for development, but were not utilised by the previous mayor.

 

Full story available from propertyreporter: http://www.propertyreporter.co.uk/property/londons-housing-crisis-fully-revealed-by-new-mayor.html

 

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