Khan to launch £250m land buying drive for affordable housing
The long-awaited draft version of the mayor of London’s sets out Sadiq Khan’s plans to intervene in the land market. Kahn’s intention is to spend £250m on land for affordable housing.
The stocks of land will be sold onto developers, with profits going back into purchasing more land.
The strategy also included commitments to set clear and ambitious affordable housing targets for all London councils. This move was designed to make it easier to bring small sites to the market.
Mr Khan said: “My strategy sets out how we can start making a real difference to affordable housing in the city.”
Gary Needham, LSL Land & New Home’s National Land Director, commented “There is clearly a need for more affordable homes not only within London but within the wider commuter belt. Any proposal to address this issue is certainly a step in the right direction but it now boils down to delivering on this commitment.”
