News from Siân Berry: New funding needed to help community groups buy homes

Longer term funding is needed to secure the future of London's community-led housing hub beyond 2025, says Sian Berry AM.

In response to questions from Sian at Mayor’s Question Time today, the Mayor announced that the future of London’s Community-Led Housing Hub has been secured, with new revenue funding committed until the end of 2025.  

The Mayor said that since 2018 he has allocated £26.6 million for 1,000 community-led and co-operative homes to be built, but the Government has not confirmed any new funding for when this initial fund runs out.[1][2] Sian called on the Mayor to provide GLA funding to fill those gaps, but the Mayor made no further pledges. 

Sian also put forward a new idea, asking for the Right To Buy-Back fund to be expanded to community groups. This fund uses grant money to help councils buy existing homes from the market to add to council housing stock, but it is currently restricted to applications from local authorities. 

Green Party member of the London Assembly, Sian Berry, says:  

Too many of fantastic community housing projects are losing momentum when they are hit by delays with construction, finding land, and gaining planning permission. 

“Buying existing buildings and homes is the big idea the Mayor is looking for. It could help fill the funding gap and grow a thriving community-led housing sector in London. 

“While it’s good news that the Mayor will fund the Community-Led Housing Hub for two years beyond its original end date, without capital funding, these groups will have no homes to build or buy. We need to find money in the GLA budget to ensure this supply and I hope the Mayor takes on this idea to future proof community-led housing.

There is a good example within the Mayor’s programmes showing this can work. Tonic at Bankhouse – the UK’s first LGBT+ affirming homes for older people – received a loan from the GLA to buy flats in a development in Vauxhall that had been sitting empty for three years. If this was extended to grants to help community groups buy the homes they need it could be game changing.[3]