The Government has issued a £750,000 funding package dedicated to enhancing housebuilding efforts across London, amid a significant reduction in new housing supply. The funds will primarily support research into obstacles impeding housing development and will target specific suburbs, namely Feltham and Ilford, for future planning. Recent statistics reveal that new homes built fell by 9% year-on-year, marking a decade low, while the construction of affordable homes dropped dramatically by 88%. Mayor Sadiq Khan underlined the need for better housing supply in light of ongoing challenges including high construction costs and national economic conditions.
Sir Sadiq Khan emphasized at the Mipim conference that despite challenges, supply of new homes in London must improve, driven by government, councils, and foreign investment.
The £750,000 funding will predominantly focus on researching barriers to housebuilding in London and devising strategies for increasing housing in areas like Feltham and Ilford.
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