Today, the g15 group of London’s largest housing associations has announced plans to build 93,000 new homes in London and the south by 2025. The associations, which currently build around a quarter of the Capital’s new homes, have committed to double this building programme with additional government support.
Brendan Sarsfield, Chair of the g15 said:
“The housing crisis is affecting Londoners daily, whether the dream of home ownership is slipping away, or rents stretching family budgets too far. Radical action is required and our members’ plans for the next decade will increase their building programmes to deliver as many new homes as possible, at prices ordinary Londoners can afford.
“These 93,000 new homes are a start – we want to buy more land and build as quickly as possible. Our members build around a quarter of new homes in the Capital and are working closely with the Mayor, councils and the Government to increase this with their support”.
Richard Blakeway, Deputy Mayor of Housing, Land & Property said:
“Housing associations are integral to the Mayor’s ambitions to double housing supply. They are already delivering much of the thirty-year high of affordable homes being built this year. I very much welcome the ambition of the g15 and, following their leadership and that of others, look forward to more organisations setting themselves high targets to create the variety of good quality homes vitally needed in London.”
The pipeline of 93,000 homes, set out in the g15’s new ‘2025 Vision for London’ manifesto, consists of identified development opportunities, landholdings and business plan targets from the 15 associations. This includes 79,000 in the Capital and 14,000 in the south. The homes will appeal to many Londoners, consisting of roughly 35% affordable rented homes, 35% shared ownership for first-time buyers, and 30% for sale or rent on the open market.
The manifesto states that with additional support from the Mayor and government, the g15 could double the homes they build, bringing the total to around 180,000. This would require additional investment in affordable housing, greater incentives to release public land for development and flexibility in setting rents so they can protect the most vulnerable and strike a fair deal based on tenants’ ability to pay.
g15 members are responsible for some of the Capital’s most high-profile developments, and new ways to help Londoners get onto the property ladder. These include projects built with partners and by the housing associations alone, such as the Aylesbury Estate regeneration in Southwark, residential developments across Nine Elms, the Athletes Village and Chobham Manor on the Olympic Park, and Orchard Village in Havering.