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Why we're building

London property has become unaffordable for many people, with average property prices now nearly thirteen times higher than the median average London wage.

Councils used to be able to help by building homes which could be let at reduced rents (also known as social rents) to those on low incomes.

Over many years however central government cut the funding needed to keep building these affordable homes. Many councils borrowed money to make up for this reduction in funding, but in 2012 a limit was placed on this borrowing, leaving councils without enough money to keep building the housing needed.

The Right to Buy policy further reduced the number of existing council homes by allowing them to be sold privately.

The result of this is that in Royal Greenwich we now have approximately 25,000 households on our housing waiting list, with over 1600 homeless households in temporary accommodation, because there simply aren't enough properties available to house them permanently.

How Greenwich Builds will help

In 2018 the Mayor of London announced the Building Council Homes for London scheme, which made £1bn available to Councils to help them start building homes again. The Royal Borough of Greenwich received some of this money, and with the limit on borrowing lifted we've now raised £200 million to start constructing the homes that are so badly needed.

As of 2023 we have over 740 homes either built or underway, allowing us to begin house many of the familes and individuals most in need of housing in our borough.

They will rent these homes from us at London Affordable Rent, far below the private market rate*, allowing them to continue living and working in our borough and contributing to our community.

* Example rent for a three-bedroom house: £173.37pw (2021/22)