The London mayor and EPA have cut the affordable homes target from 23,900-27,100 to 17,800-19,000, a 22% reduction. This decision, attributed to high building costs, Brexit's impact, and prior government's policies, aims to facilitate the delivery of more schemes. Deputy mayor Tom Copley emphasized the need for tough decisions to enhance housing supply amid challenging conditions. The Greater London Assembly intends to meet at least the midpoint of the new target range by 2026, despite noting the city's unique building cost challenges.
"The decision responds to the difficult conditions London currently faces and will allow the GLA to ensure the delivery of more schemes and complete the maximum number of affordable and social homes in the 2021-2026 programme."
"Copley blamed the horrendous legacy of the last government, as well as high interest rates, spiraling building costs and the lasting impact of Brexit for the cut in the target."
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