20 Nov

Johnson unveils London housing plans

Johnson unveils London housing plans

London mayor Boris Johnson has unveiled a £5 billion plan for housing in London, which will unfold over the next three years.

Mr Johnson's blueprint will seek to address a number of issues, including affordability for first-time buyers.

The measures will include using money to restart projects that have stalled because of the housing downturn, buy up unsold houses to provide affordable homes and ensure new property is built to high standards of design and environmental friendliness.

In addition to this, any household earning up to £72,000 will be eligible for low-cost ownership schemes and there will be initiatives to help make available more homes for rent.

Speaking about first-time buyers, Mr Johnson said of the plan: "It is designed to meet the needs of Londoners aspiring to get a foot on the housing ladder," adding that many such people had been forced to move away from the capital in the past because of the difficulty of buying there.

Figures from the Land Registry show that the average house price in London in September was £328,927, whereas the average for England and Wales was £168,814.
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