City of London to develop 3,700 new homes by 2025

15 October 2015 (Last Updated October 15th, 2015 18:30)

The local authority for Square Mile, City of London, has planned to construct 3,700 new homes within a decade in the city.

The local authority for Square Mile, City of London, has planned to construct 3,700 new homes within a decade in the city.

The proposed house building programme intends to set up new homes on existing housing estates in the city and on land outside it by 2025.

While some of the development will be offered as social housing, others will be available at a market rate.

The city authority will be evaluating available options to determine whether the houses in the city are to be developed in co-ordination with developers, or as shared ownership or government schemes.

"London's housing crisis has become a threat to its economic competitiveness."

The Court of Common Council framed a policy document for the house building programme.

Policy chairman Mark Boleat said: "London's housing crisis has become a threat to its economic competitiveness.

"Without truly affordable housing, we will no longer be able to maintain the diversity of London's communities, which is an integral part of London's success as a global city."

Increasing rents and lack of affordable homes have been affecting city residents, especially those with lower incomes.

Earlier this year, Horace Jones House was opened at Southwark, which was expected to support the requirement for social housing in the city.