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09. Februar 2012     Print Print 

Good news for London: £3bn government funding for housing and regeneration projects

Eric Pickles, Secretary of state for communities and local government, announced that £3bn of government funding will be provided for housing and regeneration projects in London. Jon Neale, Residential Research Director at Jones Lang LaSalle commented on the announcement that: “This is good news for London and reinforces the government’s commitment to giving cities and neighbourhoods greater control over where housing and regeneration funds are spent."

“London has some of the most severe affordability and housing undersupply issues in the country and resolving these are crucial to its continued role as the engine room of the British economy."

“However, as with all public funding, this is less than was available in the previous three-year period. The Greater London Authority will have to make difficult decisions given the more constrained funding environment – in terms of which schemes or projects should be prioritised. It also underlines the need to find radical new approaches to affordable housing delivery and regeneration, particularly with regard to levering in more private sector funding.”