"A City Hall source said the new rules would only last while the construction industry remained in crisis with the expectation of the affordable housing ratio returning to a higher level before the next mayoral elections, which will be held in May 2028. It would be a time-limited emergency measure that would be lifted as soon as possible, depending on market conditions, the source said."
"We are in a situation where 20 per cent of something is better than 35 per cent of nothing, or 35 per cent of very little, The Standard was told. Normally about 60,000 to 65,000 homes are being built in the capital at any one time. However, this has dropped to 40,000 currently, and with few new schemes coming through and more reaching completion, this will collapse to just 15,000- 20,000 new homes actively under construction across London by 1st January 2027."
Housing Secretary Steve Reed and Mayor Sir Sadiq Khan are expected to reduce the affordable-homes requirement in new developments from 35% to around 20% as a temporary measure. The reduction is likely to be time-limited and unlikely to last more than two years, with a plan to restore a higher ratio before the May 2028 mayoral elections. The measure will be applied while the construction industry remains in crisis and will be lifted as soon as market conditions improve. City Hall expects that lowering developer obligations could increase housing starts and produce more affordable homes than current low delivery levels.
Read at www.standard.co.uk
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