The need to increase the housing supply in our local area is a major priority. In recognition of this, in his newly passed budget, the London Mayor has promised millions of pounds to help people build their own homes on redundant sites such as old laundries, garages and store sheds in London. Research for the policy report “Gap In the Market: Building New Homes in London on disused sites” shows there are at least 4,000 suitable sites across just 13 boroughs. For the first time, £5m of funding for self-builders has been secured in the Mayor’s 2015/16 budget as a result of my lobbying.
The cash is initially expected to support the building of about 150 homes on disused sites, and will be given to mainly subsidise construction costs. This is fantastic news for those struggling to get onto the property ladder. Research shows that homes can be constructed for as low as £50k, and this fund will be a life line for those trying to create new housing in London on a shoe string.
Although self builds are not the only answer to the shortage of homes in the capital, it is an innovative approach to maximise every opportunity to increase housing supply. Bids to the GLA are open immediately.
GLA Conservatives Assembly Member for Merton and Wandsworth
February 27, 2015