Residential developer L&Q has formed a new partnership with London Mayor Sadiq Khan to build 20,000 new homes across the city.

A total of £8 billion will be invested in new housing across the capital, with 60% (12,000) homes to be made 'affordable'.

The agreement is the first of its kind under the Mayor's £3.15bn 'affordable' housing deal secured from government last November, which will see work started on 90,000 homes by 2021.

In addition, £400m is being contributed by City Hall to help boost 'affordable' housing delivery, as well as to assist with land purchases and infrastructure costs.

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Mayor Khan said: "I welcome L&Q's commitment and significant investment in building new and genuinely affordable homes for Londoners. This announcement today demonstrates real progress on the long road towards tackling London's housing crisis and signals my intention to work with housing associations to deliver thousands of homes with at least 60 per cent being affordable. I urge other housing associations to work with us to get on and build the homes London needs."

David Montague, L&Q Group Chief Executive, said: "Over the last five years L&Q has invested more than £2 billion in new homes for London. Now, through this ground-breaking strategic partnership, we will build upon our existing pipeline and devote significant additional capacity into delivering even more new homes in the capital. Our aim is for 60 per cent of these homes to be genuinely affordable. We will also commit to major investment in construction skills and training."

(LM/MH)