Share is smaller than at start of previous programme
The capital is set to receive up to 30% of the government鈥檚 flagship Social and Affordable Homes Programme.
The Ministry for Housing, Communities and Local Government (MHCLG) has set out its plans for the 拢39bn allocated in last month鈥檚 spending review.
It confirmed that Homes England, the government鈥檚 housing and regeneration agency, will be responsible for delivering the majority of the funding.
While up to 拢11.7bn, or 30%, of the Social and Affordable Homes Programme (SAHP) will be delivered through the Greater London Authority over the programme length of ten years.
The overall size of the programme is nearly double the size of its predecessor, the Affordable Homes Programme (AHP), which committed 拢11.5bn over five years when it was launched in 2020.
However, the 30% given to the capital is proportionally lower than in the AHP. The 拢4bn given to London in that programme was roughly 35% of the overall spend.
The government wants to build 300,000 new homes through the SAHP, 60% of which would be social rent.
Matthew Pennycook, in a statement to parliament today also confirmed government will set initial targets for Homes England and the GLA after receiving bids from Registered Providers, and the targets will be reviewed across the lifetime of the programme to maximise delivery.
He said: 鈥滻t is our intention to publish a full prospectus for the new Social and Affordable Homes Programme in autumn 2025 and open it for bids in the winter.鈥�
>> Also read: New 拢39bn affordable housing programme will aim to deliver 300,000 homes, says government
The ministry is also planning to update the Decent Homes Standard, which will be extended to privately rented homes for the first time, and introduce Minimum Energy Efficiency Standards for the first time in the social housing sector.
It will also set out changes to Right to Buy, following a previous consultation on measures designed to ensure fewer council homes are sold off.
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