London is one of the world’s leading cities, giving the UK a place on the global stage and acting as a gateway to investment across the country. But the capital has a serious housing shortage that is starting to limit its competitiveness.
Substantial increases in house prices and rental costs mean people from all walks of life are struggling to find accommodation.
London’s success is built on attracting talent – both home-grown and from across the world. The business community is increasingly concerned that a growing number of talented people across all levels of income are being forced away, or put off coming to the capital in the first place.
We need to build at least 50,000 homes a year to sustain a population that is growing by a million people a decade. New homes of all types are needed, particularly homes that most Londoners can afford. However, we are currently building at half that rate.
Launched in October 2015, the Fifty Thousand Homes campaign kept housing top of the agenda for all mayoral candidates in the run up to the London elections. Our new mayor Sadiq Khan called the election; ‘A referendum on housing.’
The business community welcomes the focus and drive that the new mayoral team is placing on on increasing housebuilding, but now we need more than aspirations. We need determined political leadership, credible plans and, above all, strong action that will deliver at least 50,000 new homes a year by 2020.
By working closely with business, policy and housing experts and civil society organisations, Fifty Thousand Homes will convene expertise and energy to start building for London now.
Fifty Thousand Homes is led by a steering group comprising of representatives from:
Shelter, Royal Bank of Scotland (RBS), London School of Economics (LSE), Grant Thornton, Go-Ahead Group, Atkins, Federation of Small Businesses (FSB), FTI Consulting, and Business in the Community (BiTC). The secretariat is held by London First.