High mortgage rates and rising construction material costs have created the toughest environment for housebuilding in London since the 2008 crash, as pointed out by Mayor Sadiq Khan.
Despite a target to start up to 27,100 affordable homes by March 2026, only 1,777 have been commenced, marking a stark contrast to 25,658 started in 2022/23.
Addressing the annual London Conference, Mr Khan emphasized that the previous government’s policies severely undermined housebuilding efforts, creating a situation that would take significant measures to rectify.
Khan highlighted that his administration has initiated a substantial number of council homes but acknowledged the incredible challenges posed by prior government decisions in the housing sector.
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