London councils join forces

Meanwhile, London Councils have called on the government to provide £350 million to help local authorities safeguard the capital’s housing market and provide 4,000 homes for rent. London Councils propose setting up a new housing agency, Homes for London, which would operate separately to normal council housing and which would help boroughs buy existing or planned housing from developers or housing associations which would be offered for five or ten years at intermediate or market rents. The tenants would have the opportunity to buy the property at the end of the tenancy, with profits distributed back to central and local government.