Councils seek £350m to rescue stalled developments

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

London Councils wants the Government to use today's pre-Budget report to give its members £350million to provide at least 4,000 homes to rent to Londoners by "rescuing" stalled building sites.

The local authorities want a new housing agency, Homes for London, to be set up to help them buy existing, half-built or planned but unbuilt homes from developers.

They would then be offered at either market or below-market rents for five to 10 years. After that, tenants would have the opportunity to buy.

London Councils has identified developments in several boroughs which have stalled, and concluded that they provide a potential 4,000 homes which would be bought for £350 million.

London Councils' chairman Merrick Cockell said: "If the Government gives us the green light, the capital's local authorities can get Homes for London up and running in the New Year."

Also today, the Global House Price Index by agency Knight Frank found that world property prices fell by 0.3 per cent between June and September - the first quarterly fall recorded.