The Mayor’s Housing Covenant

On 28 September 2012, the Mayor of London launched his new Housing Covenant, based on the idea that those who contribute to London’s success should benefit from that success. In the long tradition of the house building programmes of the London County Council and private sector entrepreneurs such as George Peabody, the Mayor is making a new offer to these households; a new covenant – in return for their hard work for London’s economy, he will improve their housing offer. 

New housing

To date, the Mayor has launched the following Housing Covenant programmes:

  • 2015-18 Programme
  • Building the Pipeline
  • Making the private rented sector work for Londoners
  • Care and supported housing fund
  • Homes for working Londoners
Find out about these programmes below. 
 

2015-18 Programme

On 12 December 2013, the Mayor launched the funding prospectus for a new housing investment programme. Building on the success of those earlier covenant programmes this is a total commitment of £1.6 billion that will deliver at least 45,000 affordable homes.  Around 40 per cent of this funding will be for flexible home ownership and 60 per cent for Affordable Rent.  

Read more about the 2015-18 Programme

Building the Pipeline

On 8 March 2013, the Mayor launched his latest Housing Covenant programme of up to £100 million. As well as inviting offers to increase the supply of much needed new homes in London, the funding can also be used to improve the quality of existing properties. On 22 July 2013, the Mayor announced funding allocations to deliver over 6,000 homes.

Read more about Building the Pipeline

Making the private rented sector work for Londoners

On 13 December 2012, the third Housing Covenant programme was launched. Focusing on the private rented sector, the programme highlights the importance of private renting to London’s economy and housing market, while recognising that the sector is growing and that more consistent standards are required.

Private Rented Sector covenant (PDF opens in new window)

The programme includes a new London Rental Standard, proposals to boost custom-built private rented homes, and a pilot to trial longer tenancies for families. The finalised London Rental Standard was published on 26 July 2013.

Find out about the London Rental Standard and read the consultation report

The Mayor’s Care and Supported Housing Fund

On the 26 October 2012 the Mayor launched his new Care and Support Specialised Housing Fund of up to £60 million. The fund is aimed at encouraging the development of new homes that provide specialised housing for London’s older people and disabled adults. On 24 July 2013, the Mayor announced funding to deliver 669 purpose-built homes.

Read more about the Care and Support Specialised Housing Fund

Homes for working Londoners

On 28 September 2012 the Mayor launched a new housing covenant to provide homes for working Londoners. This came in two parts with up to £100m of capital investment and a commitment to improve working Londoner’s intermediate housing options through deregulating the market and cutting red tape. On 15 February 2013, the Mayor announced the first phase of funding allocations to deliver 3,000 homes.

Homes for Working Londoners - September 2012

Homes for Working Londoners progress report - March 2013

Read more about the £100m capital investment and download the funding prospectus