City Mayor Sadiq Khan has reached a deal with councils and housing associations to start building thousands of new houses over the next four years.
An estimated £1.7 billion will be invested in 49,398 genuinely affordable homes to be built, delivering by 44 housing providers and nine London councils.
Overall, 17,500 will be for rents around social levels, and just under 32,000 will be for a combination of the Mayor's new London Living Rent and Shared Ownership.
Sites have already been identified and bought for almost half the 50,000 homes – meaning delivery can get underway immediately – with the major housing associations committing themselves to working with City Hall to bring forward land for the remaining homes allocated.
Of these, 1,911 will be in Newham, 1,823 in Ealing, 1,585 in Barnet, 1,448 in Lambeth and 1,314 in Southwark.
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The allocations also include eight new strategic partnerships with housing associations. The partnerships – with L&Q, Hyde, Genesis, Clarion, Network, Notting Hill, Optivo, and Peabody – have been struck between the Mayor and housing associations that are prepared to build new homes at scale and will deliver at least 60% affordable housing across their portfolio of sites. These partnerships will deliver 38,500 genuinely affordable homes.
Mayor Khan said: "I want to see everyone playing their part in tackling the housing crisis in London, because it is simply unacceptable that Londoners continue to be priced out of a city they call home.
"We know that solving the housing crisis is not going to happen overnight, but I very much welcome so many housing associations and councils matching my ambition by committing to build the new and genuinely affordable homes Londoners so desperately need.
"I am delighted that we have set a City Hall record for the number of homes allocated funding - but I am clear that we have got much more to do to secure the land we need to build homes and ensure we have sufficient capacity in the construction industry."
Paul Hackett, Chair of the G15 – representing London's largest housing associations - said: "The commitment from London's housing associations is an unprecedented level of ambition to build the homes the capital needs. The partnership with the Mayor is the biggest London's housing associations have ever committed to, reflecting the urgency of the housing crisis and our strong relationship with City Hall."
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