London’s largest housing group is joining forces with the government to raise £2 billion to build thousands of new homes in the capital over the next few years.
The G15 group, which consists of the 15 largest housebuilders and landlords in London, wants to raise £2 billion of private finance to go alongside the £350 million the government are putting in to build affordable homes.
That £2 billion worth of funding could lead to 13,000 new affordable homes being built in London between now and 2015. It is estimated that 6 out of 10 homes in the capital will be built by the G15 over the next few years, which includes companies like the Horizon Group, Notting Hill housing and the L&Q Group.
If the G15 manage to raise the £2 billion in private finance, it would serve as a big boost to the construction industry in London, as the 13,000 new homes would likely create new jobs for contractors in the city.