City to begin biggest house-building programme since Barbican

The City of London has announced the biggest house-building programme since the Barbican in 1976.

The news will eventually unleash a pipeline of work for architects.

The City corporation’s governing body said it was committed to building 3,700 new homes by 2025 on housing estates and other land it owns outside the Square Mile.

Policy chairman Mark Boleat said they want to safeguard the capital’s economic future by ensuring housing is available for workers at all pay levels.

“London’s housing crisis has become a threat to its economic competitiveness,” he said. 

“Without truly affordable housing, we will no longer be able to maintain the diversity of London’s communities, which is an integral part of London’s success as a global city. 

“When people think of City workers, they often think only of bankers and lawyers, but without security guards, receptionists and coffee-shop baristas, the City would cease to function. If workers on low to middle incomes cannot find affordable housing, then working in the City will cease to be an economically sensible option.” 

The corporation owns land all over London, as far afield as Epping Forest. It owns social housing estates in seven boroughs: the City, Islington, Hackney, Tower Hamlets, Lewisham, Southwark, and Lambeth. 

There are 2,000 homes on these sites and the new policy suggests that 700 more could be built.   Some of the new homes will be social housing while others will be offered at market rent. Boleat said they are also interested in exploring shared ownership.

Detailed discussions will now begin on how to implement the policy. The City said it could choose to act as developer but the more likely outcome is that it will select a development partner who would appoint the architects.

The City would retain the freehold of the sites.