Mayor of London says increasing access to affordable housing is vital to the city's economic growth
A 1% fall in house prices in London could yield a £7.3bn boost to the economy over a decade, mayor Sadiq Khan has said.
It found that that declining housing affordability "has had a significant negative effect on London’s economic productivity".The London mayor said the lack of affordable homes “is having a profound and devastating effect in every corner of our capital, impacting every part of our progress". The mayor argued that more affordable housing in London would make it easier for businesses to attract and retain workers, and reduce homelessness and the reliance on temporary accommodation, which in turn would lead to more jobs and more investment for future growth.
In last month’s Budget, the chancellor committed £100m in funding for the Affordable Homes Programme in London.In July, the new government asked Khan to more than double the number of new homes being built in the capital each year.But the Conservatives say the new figure is less than London needs and less than the target they had set the mayor for home-building in the capital each year.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sadiq Khan: Mayor of London 'hopeful' over upcoming budgetThe Mayor of London says he wants an 'injection of funding' for the NHS, schools, TfL and housing.
Read more »
Budget 2024: London transport and infrastructureHow might the new government's Budget affect projects London Mayor Sadiq Khan is keen on?
Read more »
Taylor Swift: Sadiq Khan declares tickets 10 days lateLondon’s mayor made the declaration 10 days after the City Hall deadline for gifts and hospitality.
Read more »
Taylor Swift: Sadiq Khan faces investigation over Wembley ticketsMayor of London Sadiq Khan's incorrect declaration of hospitality at a Taylor Swift gig is questioned.
Read more »
London mayor halves transport funding request from BudgetSadiq Khan is requesting 'at least' £250m from the Labour chancellor instead of £500m.
Read more »
London mayor urges primary schools to teach kids about misogynySadiq Khan launches teaching tool to educate primary school children about healthy relationships.
Read more »