New £3.15billion affordable homes programme in Autumn statement

The government has announced £3.15bn of its Affordable Homes Programme will be given to London to deliver 90,000 homes.

During his Autumn Statement speech in the House of Commons, chancellor Philip Hammond said the country’s “housing challenge” is an “urgent issue” because it affects national productivity.

Sadiq Khan, mayor of London, said the cash was “the largest sum of money ever secured by City Hall to deliver affordable housing”.

He said rules surrounding the use of the funding had been relaxed, and it will be used to fund “homes for low-cost rent, London Living Rent, and shared ownership” between now and 2021. London Living Rent is set at 35% of local wages.