Mayor plans to build 5,000 rental homes a year

More homes for private rent and graduate private rent housing schemes are both part of London Mayor Boris Johnson's updated housing strategy, published yesterday.

Johnson also plans to double housing building in the capital, protect leaseholders from spiralling service charges and build town centre developments for older people.

The strategy sets out a long-term ambition to increase supply to at least 42,000 new homes per annum, around double what has been achieved over the last 20 years. He says that of these, at least 17,000 should be affordable with 5,000 for purpose-built long-term market rent.

The strategy explicitly recognises the growing importance of the private rented sector, not only for groups who have traditionally been housed in that sector, such as young single people, but also for families with children. The housing strategy sets a target of 5,000 purpose-built rented homes per annum, within the minimum 42,000 target.

The strategy also mentioned the new London Rental Standard which aims to promote professional standards of management for landlords and letting agents, aiming to accredit 100,000 landlords by 2016.

Johnson said: My housing strategy sets out measures to tackle the colossal pressure on London's property market and address the chronic 30 year failure to build enough homes in our city. The good news is we have capacity for 42,000 more homes a year in inner London alone, plus a multitude of prime opportunity areas and programmes to trigger development.

For me there is no single more important issue now than boosting supply, increasing investment in affordable housing and helping hard working Londoners find homes. I can't do this alone, and will be working closely with government, developers and boroughs to increase supply, stimulate building and tackle demand.

One option Johnson is looking at is a tailored housing offer for younger people, living independently for the first time. Detailed work will follow but options include purpose-built graduate subsided housing, as well as examining new ways of delivering shared housing and modular approaches to making best use of land before it is developed for the long-term.