L&Q strikes landmark deal for 20,000 new homes in London
L&Q and Sadiq Khan have today announced a landmark partnership which will see £8 billion invested in 20,000 new homes across the capital – 12,000 of which will be genuinely affordable.
This is the first agreement under the Mayor of London’s record-breaking £3.15bn affordable housing deal secured from government last November, which will see 90,000 new affordable homes started by 2021.
The partnership will see £8bn invested in 20,000 homes in London, of which at least 60 per cent will be genuinely affordable. City Hall is contributing £400m towards the sum to help boost affordable housing delivery and to assist with land purchases and infrastructure costs.
L&Q will also be making significant new investments in construction skills and training to build homes for Londoners.
Sadiq hailed L&Q’s commitment to building thousands of good quality homes that are designed to last - and has called on other housing associations to follow suit and demonstrate they are ready to take on similar projects before he announces other large-scale partnerships when further funding is allocated in the summer.
The Mayor of London, Sadiq Khan, said: “For far too long, London has not been building enough homes. This has meant that Londoners born and raised in our great capital have struggled to rent and stood little or no chance of owning a home in their own city.
“I welcome L&Q’s commitment and significant investment in building new and genuinely affordable homes for Londoners. This announcement today demonstrates real progress on the long road towards tackling London’s housing crisis and signals my intention to work with housing associations to deliver thousands of homes with at least 60 per cent being affordable. I urge other housing associations to work with us to get on and build the homes London needs.
“I have been clear that fixing the housing crisis will be a marathon and not a sprint, but I am determined to lead from the front and get on with building affordable homes for Londoners to rent and buy.”
David Montague, L&Q Group Chief Executive, said: "London has been L&Q's heartland for more than 50 years, and we are committed to prioritising development in the capital.
“Over the last five years L&Q has invested more than £2 billion in new homes for London. Now, through this ground-breaking strategic partnership, we will build upon our existing pipeline and devote significant additional capacity into delivering even more new homes in the capital. Our aim is for 60 per cent of these homes to be genuinely affordable. We will also commit to major investment in construction skills and training.
“L&Q and the GLA have been forging closer ties over many years to tackle London's housing crisis, and this strategic partnership takes our ambition to an exciting new level. By working together, we will guarantee more investment in apprenticeships, jobs, innovative methods of construction, economic growth, communities and homes for years to come.”