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London Housing Market
Stamp Duty Land Tax
Boris Johnson has being doing his best to deliver affordable housing in London and it seems as though his efforts have paid off. Figures show that the mayor has more than doubled the capital's affordable stock in less than a year and is on track to deliver up to 100,000 homes over two mayoral terms. Not only is this good news for countless working Londoners currently struggling to get onto the property ladder, but it bodes well for the construction industry and will create thousands of jobs.In 2012/13, 10,092 homes were started and 8,114 completed. This is considerably more than the numbers achieved in the previous financial year. Mr Johnson now looks set to deliver a further 55,000 in the 2011/15 investment round. Now at the halfway point, he has succeeded in creating over 25,000 affordable homes.Mr Johnson said: "Increasing the supply of affordable homes in London is intrinsically linked to the future economic growth of the capital. Without homes to live in the hard-working Londoners who keep this city thriving will be forced to move elsewhere taking with them their energy and drive."The Mayor has also been working to protect the future of London's housing market by securing GBP 750 million for the capital in the Budget. This is hoped to boost new build construction and support thousands more mid-income Londoners to buy their own home through low cost finance. Previously, Mr Johnson was also able to gain GBP 100 million for his 'Housing Covenant'.What's more, the Mayor has been urging the government to let London keep its huge Stamp Duty Land Tax receipts from property sales to reinvest in house building and regeneration. He claims this will give the capital the continuous stream of funding needed to support the housing market, develop affordable homes and create vital infrastructure."While there is a growing momentum behind affordable housing delivery, we need to redouble our efforts, which is why I will continue to call on government to give London all the tools and funding it needs to increase the supply of affordable homes in the capital," Mr Johnson said.
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