City Hall says London needs £4.9bn a year to reach housebuilding targets.
The capital needs £4.9bn from central government annually for the next five years, City Hall saysThe capital needs £4.9bn from central government annually for the next five years to reach targets, City Hall saysIndustry bodies say inflation and interest rates are affecting buildingThe rising cost of construction could stall London's affordable homebuilding targets, the deputy mayor for housing has said.
Last year in London, building of 18,722 new affordable homes began, the largest number since records began. Because of this, Mr Copley said the capital needed £4.9bn from central government every year for the next five years, "in order to deliver at the scale that is required in London, according to the London Plan".
It added this was on top of a skills and staffing crisis, as the number of EU workers reduced and 750,000 others were due to retire in 8-10 years. "As the rates go up, so do your costs, and with material prices as high as they've ever been, this is a major hurdle for builders and people to be able to build homes.
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