24 February 2015
The London Mayor has promised millions of pounds to help people build their own homes on redundant sites such as old laundries, garages and store sheds in London.
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£5m of funding for self builders has been secured in the Mayor’s 2015/16 budget which was approved yesterday by the London Assembly. The cash is initially expected to support the building of about 150 homes on disused sites and will be given primarily to subsidise construction costs.
Over 4,000 disused sites and spaces where the affordable homes can be built have already been identified across 13 London boroughs. Bids from a wide range of providers will be considered and the Greater London Authority (GLA) is now working closely with the Mayor to nail down the exact bidding process and what the money can be used for.
The £5m funding commitment comes in response to the report ‘Gap In The Market: Building new homes in London on disused sites’ which sets out a large scale ‘disused site’ action plan – across all housing estates in every borough – which could deliver 10,000 homes in 10 years.
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 £5m 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.”
Boris Johnson, Mayor of London, added: “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 £5m of GLA grant funding. These changes are great for London.”
