Mayor pledges £5 million to fund a series of London self build projects on brownfield sites around the capital.
Making use of sites currently being taken up by disused launderettes, factories and garages, the Mayor of London announced plans to help aspiring self builders, targeting young professionals in the city for whom finding sizeable deposits to buy a home is proving difficult. Initial plans allow for 150 homes, but lobbyists City Hall Tories have identified 4000 sites across the capital which may be suitable for such redevelopment.
Self builders are encouraged to bid for funds to subsidise their building costs, in a move designed both to address the UK’s looming housing crisis, and help keep the economy on the upturn by providing work for tradesmen and construction professionals. The plans aim to expand over the next decade to provide up to 10,000 new homes.
Assembly member Gareth Bacon said: “Today is a good day for aspiring home owners in London, who may struggle to gather hefty deposits.
“The Mayor’s new £5million funding for self-builders will be a huge help for the likes of young professionals and first time buyers, by giving them an opportunity to build homes on a shoestring budget.”
Mr Johnson added: “In our budget to the Assembly we are including for the first time a new fund for self-builders and the GLA will encourage bids to deliver affordable housing on infill development for at least £5million of GLA grant funding.”
The news comes off the back of plans recently announced by Johnson and Chancellor George Osborne, for London to build 400,000 homes, create half a million jobs and outpace New York in the global growth race.
The ambitious proposals set a £6.4 billion expansion target for the London economy by 2030 and a goal of 500,000 more jobs by 2020.
Also of interest to those aiming to self build is the planned creation of a London Land Commission tasked with identifying and developing public-sector brownfield sites — aiming to deliver 400,000 homes by 2025.
Source: London Evening Standard