The capital relies on suitable accommodation being available to low paid workers who are essential to the city's thriving economy. While the government's willingness to give them the opportunity to own a home is admirable, there are concerns that the Bill may limit boroughs' ability to deliver the number and variety of homes needed. Ultimately, London needs more power to manage its unique housing situation.
The Housing and Planning Bill proposes the introduction of starter homes, a new affordable homeownership product. Available at up to 80 per cent of the market rate with a price cap of £450,000 in London, after five years starter homes can be sold at their full market price, with any profits kept by the homeowner.