London housing zones to create 50,000 new homes
The government has confirmed that up to 50,000 much-needed new homes will be created across 20 new housing zones.
The announcement was made last week by the Chancellor of the Exchequer, George Osborne, and Mayor of London, Boris Johnson, while visiting a prospective new zone in Enfield, North London, which has the potential for 5,000 new homes, as well as new schools, a library and commercial space, linking to the nearby Lea Valley regional park.
Housing zones have been introduced by the government in a bid to get new homes developed quickly, in light of the widening supply-demand imbalance in the capital.
"The new housing zones will be a shot in the arm for housebuilding in London, creating tens of thousands of new homes for hardworking families across the capital," said Osborne.
The idea is that local authorities identify and package together brownfield land which could be used for development into a housing zone, removing all unnecessary planning restrictions across it in a bid to speed up construction, while partnering with a developer to build the new residential properties.
Johnson commented: "Housing is the biggest challenge facing London's economic development and these new £400m housing zones will turbo boost housing supply across the capital. This major regeneration will transform communities and provide up to 50,000 much-needed homes. They will support 250,000 Londoners into low-cost homeownership over the next decade."