Khan to pledge £250m land fund & launch new PRS model

Mayor of London Sadiq Khan has demanded ‘comprehensive and urgent devolution’ of funding and powers to help him solve the London housing crisis.

In his first draft Housing Strategy for London, Khan revealed plans to earmark £250m fund to buy and prepare land for new and affordable housing. The fund will be used alongside the £3.15bn affordable housing budget and the revenue made from selling land to homebuilders will be recycled to buy further land.

The London mayor also announced his intentions to consult private renters and landlords over a new ‘London Model’ of renting that will focus on increasing tenant security to support a family-friendly sector while protecting landlords’ legitimate rights. Once developed, the proposal will be submitted to Government for its consideration.

Sadiq Khan, the Mayor of London, said:

“I’ve been honest from the start that turning things round will take time and fixing the housing crisis will be a marathon not a sprint, but my strategy sets out how we can start making a real difference to affordable housing in the city. From £250 million to kick-start my plans to secure more land for new and affordable homes, to a new model and fairer deal for millions of private renters, I want to help all Londoners facing the housing crisis.

“I will use my powers and resources to their fullest extent, but Government needs to play its part too by giving London the powers and resources we need to see an even greater step-change in the number of homes being built. This launch marks the start of a three-month consultation – I want as many Londoners as possible to let me know their views on how we can improve housing in London.“