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City of London pledges 3,700 new homes by 2025

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The City of London has endorsed proposals to embark on its biggest housebuilding drive in 40 years which will see 3,700 new homes constructed across the capital over the next decade

Yesterday (15 October) the Corporation’s Common Council endorsed a plans to build 700 new ‘infill homes’ on the existing estates it runs and a further 3,000 homes built on other land it already owns. The new properties would be a mix of social-rented, shared-ownership, market-rent and market-sale homes.

A report to the meeting said the City was not seeking to build on its protected green spaces, but would work in partnership with other London boroughs to ‘discuss the re-designation of land where it has previously served other uses’.

The report added that the City was looking into the potential to work in partnership with developers and housing associations to deliver its goals, as well as considering establishing a local housing company that could attract investment.

City policy chairman Mark Boleat said the capital’s housing crisis had become a threat to its economic competitiveness and that ‘truly affordable housing’ was vital to maintain the diversity of its communities.

‘When people think of City workers, they often think only of bankers and lawyers, but without security guards, receptionists and coffee-shop baristas, the City would cease to function,’ he said.

‘If workers on low to middle incomes cannot find affordable housing, then working in the City will cease to be an economically sensible option.’

As well as the Square Mile, the City of London operates housing estates in six other London boroughs: Islington, Hackney, Tower Hamlets, Southwark, Lambeth and Lewisham.

It said the programme represented its biggest deliery of housing since the completion of The Barbican in 1976.

Barbican

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