draft london housing strategy
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DRAFT LONDON HOUSING STRATEGYJamie Ratcliff, Assistant Director – Programme, Policy & Services
22 January 2014
HOMES FOR LONDON
• Increasing housing delivery of all tenures - more than
42,000 homes a year
• Increased focus on workingLondoners – “who work hard to make this city a success”
THE MAY O R’ S HO US IN G COV E NA NT• £1.25bn – 42,000 homes• Bid by 10 March 2014• Most completions expected
by March 2018, some flexibility for ‘trusted delivery partners’ dependent on bids
• Tenure mix expected to follow London Plan (60:40)
• Solely affordable housing (strategy wider)
PLANNING CONTEXT
• ‘FALP’ published 15 January – consultation until 10 April
• Increases London Plan target to 42,000pa homes (delivery identified in SHLAA)
• Identifies potential for increased delivery in town centres to get to requirement found by SHMA of c.49,000pa
S UP P LY CH AL LE NG E
IN CRE AS I NG S UP P LY• At least 42,000 new homes a year
– with 15,000 affordable & 5,000 long-term PRS
– double intermediate by 2020 and double again by 2025
• The 2015-18 programme– 40 per cent low cost home ownership– 30 per cent at “capped” rents – 30 per cent at “discounted” rents
DIS CO UN TE D RE NT
• Expected to be set at 80% or LHA level• Nominations by Boroughs – not intermediate
rent• Nominations must be to households not
affected by household benefit cap (£350/500pw)
• Borough can use own resources to reduce• In the absence of own resources rents can
only be lower if balanced with increased capped rent
• 50% of all providers rented programmes
CAP P E D RE NT• Capped at 50% of market rent (inc. s/c) but
can’t be less than Target Rent (+ s/c).• Expect most homes to be at or close to 50%
(in reality low-value areas and schemes with high s/c will be Target Rent)
• In exceptionally high value areas can be 50% of LQ rents
• Boroughs can use own resources to reduce rents
• Rents could increase to balance discounted reduction
• 50% of all providers rented programmes
BOR OU GH FRA ME WOR KS• Agreement of
principles: • Any desired balancing
adjustment to capped & discounted rent levels
• Distribution of flexible home ownership and Affordable Rent (both capped and discounted)
• Confirmation of noms approach to discounted rent
• The approach to Flexible homeownership, including in relation to marketing cascades and income restrictions.
• Exit strategy by 2016 on all GLA land• Continue to encourage use of London
Development Panel – optimal procurement• A wider role for GLA on public land across the
capital
LAN D
• Some short-term constraints– Materials & labour
• Need existing players to maximise delivery– Not the time to sit on your hands
• Need new players– Large & small– Different models– ‘Modern’ construction
methods?
DE V E LO PME N T C APACI TY
• All homes to meet LHDG standards & bespoke PRS design
• Retrofit every poorly insulated home by 2030
• By 2016 All council landlords to be able to independently meet decent homes standard - £145m fund
IMP RO V ING Q UAL IT Y
• Relaxation of Local Authority borrowing for housing– Some movement in Autumn Statement
• Devolution of full suite of property taxes– Certainty for investment and freedom to use
optimally
LO NG-T E RM F UND IN G
HAR D-WO RKI NG L OND ON ER S
• Improving the intermediate market• Supporting home ownership• Massively expanding shared ownership• Rethinking allocations and mobility
• London Rental Standard – accreditation and significant public campaign
• Encouraging longer tenancies and increased professionalisation
• Optimising enforcement against criminal landlords
• New supply – encouraged through land release and planning
P RIVAT E R E NTE D S E CTOR
• Increase provision of purpose built homes for older people
• Halve the level of severe overcrowding in the social rented sector
• No second night out and no living on the streets
THE MOS T V UL NE RAB LE
HOU SI NG Z ON ES• Laterally applying concept of Enterprise Zones
– Focusing attention & resources in areas where housing can rapidly delivered, at scale
– What mix of incentives can achieve this?– Further thinking being developed
• Up to £200 million for the London Housing Bank to deliver up to 3,000 homes– Soft/equity-linked loans repayable in c.10yrs– Increased capital support cf. grant– Flexibility on exit route for providers– Focus on large-phased sites
• Further details in due course – no opportunity to bid yet
LO NDO N HOUS I NG BA NK
T I ME TABL E
Publication of draft strategy 25 November 2013
End of consultation period 17 February 2014
Review responses/revise strategy February - March 2014
Submission to London Assembly Mid March 2014
Submission to Secretary of State End April 2014
Publication of final strategy Late June 2014
• Concerted effort required by all to deliver homes London needs
• Significant resources available to London in 2015-18
• Longer-term certainty would enable much, much more to be done
S UMMARY
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