The mayor of London intends to make property in London accessible for all its residents

About £250 million allocated by the government of London to purchase land for the construction of new affordable homes and apartments in London as part of the strategy for the construction of housing for the next five years.

Approximately 90,000 new affordable apartments will build by 2021. It is assumed that they will be offered for rent on favorable terms to Londoners to reduce the intensity of the housing market in London, where demand far exceeds supply.

The mayor of London, Sadiq Khan, decided to radically change conditions in the market of real estate of London. Current rules that govern the situation on the market, was introduced more than 30 years ago and is largely obsolete. According to Sadiq Khan, the rental sector of the London property needs more security and legislation protecting the rights of both parties – tenants and landlords. The mayor believes that, under standard lease terms from 6 to 12 months, tenants are unable to provide for themselves and their children, normal living conditions and unscrupulous landlords often use outdated norms and violate the rights of tenants without incurring liability.

“It’s a shame for the city that the generation of young people squeezed out of the city due to high housing prices. Currently, only 13% of housing under construction in London can be classified as “affordable”, which is unacceptable. We will develop a long-term strategy, which will give the town of about 50,000 apartments every year. You must provide a possibility to operate not only large developers, but also small, to improve the competitive environment and provide the market with houses and apartments on small plots,” said Sadiq Khan.

Mass housing in London will be able to improve market capacity and the availability of housing in the towns adjacent to London, as the London property market has always been the driving force will have a ripple effect on a large part of England, which will significantly improve accessibility and make it possible to purchase property in England for many young families.

® Helen Entree. 08.09.2017 G.

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