London Mayor announces major house building programme across London

The Mayor of London has announced plans to build 420,000 new homes in London over the next ten years. Announcing the plans at a press conference in Greenwich square yesterday he said that the housing shortage was so acute that it was the biggest threat to the London economy. There simply are not enough homes to house London’s workers which is pushing up rents and house prices to unsustainable levels.

The mayor said that the government was looking at ways of boosting the programme by lending £160m to developers to help fund the programme that hopes to construct 42,000 new homes every year. London’s housing market is now overpriced and is unaffordable to most working families.

This is going to have an affect on workers who need quick and easy access to their jobs and many workers are having to move outside of London and commute to work which is putting more pressure of families. All governments over the last 30 years have failed to build enough new homes.