Wed Sep 18 05:23:56 UTC 2024: ## London’s Affordable Housing Crisis Deepens: Only 2,358 Homes Started in 2023-24

**London, UK** – The number of affordable homes being built in London has plummeted to its lowest level in eight years, according to the London Assembly’s annual housing monitor. Only 2,358 homes were started with City Hall funding in the past year, a dramatic fall from the record 25,658 starts in 2022/23.

This decline has been attributed to a combination of factors, including “severely challenging market conditions,” delays in government funding, high inflation, and the increased cost of materials due to the war in Ukraine.

The report highlights the stark reality of London’s housing crisis. With 65,280 Londoners living in temporary accommodation and 323,637 on council waiting lists, the city needs almost 43,000 affordable homes annually until 2041 to address the demand.

Mayor Sadiq Khan has been tasked with starting between 23,900 and 27,100 homes by March 2026 as part of a £4 billion government funding agreement. However, only 1,777 homes had been started by this March.

“London urgently needs more affordable housing,” said Sem Moema, Labour chair of the assembly housing committee. “The additional challenges the Greater London Authority has faced in delivering on its targets in the past year has made that need all the more acute.”

Despite the bleak statistics, some progress has been made with over 10,000 homes completed from the 2016-23 programme. However, the report emphasizes the ongoing need for collaboration between the mayor, local councils, and other stakeholders to deliver more affordable homes.

A spokesperson for Mayor Khan acknowledged the challenges but stressed his commitment to building affordable housing. “The Mayor has hit every Affordable Homes Programme target he has been set,” the spokesperson stated, adding that he is working with the new government to ensure London’s affordable housing delivery target is met.

The drastic decline in affordable housing starts has raised concerns about the ability to tackle the city’s housing crisis. The next two years will be crucial for the mayor to meet his target and address the urgent need for affordable homes in London.

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