EMERGENCY proposals to save the capital's housing market were put forward today by the body that represents London's 32 boroughs.

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.

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