New London Architecture

Homes for Londoners: A new agenda for public housing

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Homes for Londoners: A new agenda for public housing brings together leading insight and best practice to address one of the capital’s most pressing challenges, the delivery of more public housing. Developed in collaboration with experts from across the public, private and investment sectors, the report sets out a bold new model for public housing in London. 

Centred on the proposal for a Homes for Londoners Impact Fund, the study outlines six key actions to unlock new capital, streamline planning, empower local authorities, and embed long-term community value. It presents a practical pathway for restoring confidence in housing delivery and re-establishing public housing as a key driver of London’s growth, resilience, and social equity. 

Homes for Londoners: A new agenda for public housing forms part of NLA’s wider research programme exploring the future of housing delivery and investment across the capital.

You can download the report in the sidebar of this web page.

Foreword

London faces a housing emergency. As we approach the end of 2025, new housing starts have almost ground to a halt — while one in twenty-one children in our capital are growing up in temporary accommodation. 
 
And yet, we know London can deliver. Over the past decade, our city has built some of the largest volumes of high-quality homes of any in the developed world. These homes don’t stand alone — they sit within excellent public spaces, are well woven into local communities, and are often made possible by genuine partnership between the public and private sectors. 

Much of the social housing built in that period was enabled by a unique mix of conditions: supportive planning policy, government grants, housing associations able to access low-cost capital, strong overseas investment providing cross-subsidy, and a lower cost construction environment. 
 
But in recent years, those conditions have fallen away. At the same time, stricter safety regulations have — quite rightly — been introduced following the tragic loss of life at Grenfell Tower on 14 June 2017. 
 
Planning policy has not kept pace with these realities, leaving development unviable in all but the rarest circumstances. Meanwhile, demand has only risen. The government’s target for London housing delivery now stands at 88,000 new homes a year — just to keep up. 

We need new ideas. We need new investment. We need policies that unlock capital at scale. 

This report draws on a wealth of expert insight — recognising what has been achieved but also setting out the key areas where we must now focus. Above all, it makes clear that we cannot rely on market sales and government grants alone to deliver the homes Londoners need. 
 
In the Autumn of 2022, NLA started working with Arup, JLL and Related Argent to develop new thinking about attracting investment into affordable housing at scale. This work has been built upon over the last two years alongside Place Partners and Quod under the auspices of Opportunity London — the capital investment partnership that we run jointly with London & Partners. 
 
The result of this work is bold but simple: the proposal for a Homes for Londoners Impact Fund
 
A fund that could be championed by the Mayor of London and London Councils. A fund that acquires homes at scale across the capital. Rents them at a mix of social and intermediate levels. Holds them for the long term. And delivers both secure homes for Londoners and stable returns for investors. 
 
The model would be a City Hall landlord, not a City Hall developer — backed by a major institutional investor that is also a registered provider, ensuring grant funding can be deployed. In most cases, day-to-day management would be outsourced to housing associations. 
 
This new source of capital could first be directed at schemes closest to delivery and viability — supported by policy, available grant, and trusted partners across the city. An immediate priority: building new social housing for families in temporary accommodation. The result: saving London boroughs tens of millions of pounds every month. 

Over time, this could grow into a large-scale, market-driving force. It would shift the forward funding model away from costly, hard-to-secure individual transactions, and towards an investment vehicle with long-term, shared aims alongside the Mayor of London — delivering high-quality, affordable homes for Londoners. 
 
The benefits are clear — for every part of the system: 
  • For the Mayor and Borough Leaders: a vehicle they can champion — one that delivers on priorities, unlocks a failing system, and aligns with emerging planning and policy shifts. 
  • For investors: the opportunity to back London’s housing market, earn sustainable long-terms returns, change lives, and help secure the long-term prosperity of the city. 
  • For boroughs: three wins — more homes built, fewer families in temporary accommodation, and higher-quality housing for communities at social and intermediate rents. 
  • For developers: access to a major new purchaser — providing simple forward funding, template terms, and reduced delivery risk. 
  • For registered providers: the opportunity to continue to expand their management platforms and impact, without additional balance sheet pressure. 
  • For the supply chain: a stronger, more predictable pipeline of work that secures skills, supports innovation, and sustains jobs. 
 
London housing delivery has no single solution. All the factors highlighted in this report are essential. But without new capital at scale in a simple and transparent form, there will be no solution at all. 
 
This is our moment to act — to mobilise investment, unlock delivery, and secure the homes Londoners so urgently need.

Nick McKeogh
Chief Executive, NLA
Homes for Londoners Project Directory

Homes for Londoners Project Directory

The Homes for Londoners directory presents a handpicked selection of projects and proposals spotlighted in the report. These highlight a variety of scales, tenures, and delivery models, from mixed-income housing across boroughs to institutional-scale forward-funded schemes via the proposed Impact Fund. Together, they offer a live directory of innovative public housing approaches capable of delivering long-term social, financial, and urban value.
View the full directory

Homes for Londoners: Event series

The Homes for Londoners programming delivers industry-defining events that bring together leaders from across housing, planning, investment, and development to address London’s public housing crisis, share innovation, and showcase collaborative solutions for delivering affordable homes at scale.

Homes for Londoners: Public housing insights series

Read further insights from voices across the industry sharing their expertise on London’s public housing landscape, exploring new models, funding solutions, and the partnerships needed to deliver affordable homes for all.

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Publication Contents

06 Executive Summary
09 Introduction
15 Public Housing Then and Now
27 Learning from Past Successes
37 The Scale of the Challenge
45 The Role of Government
51 New Models of Public Housing Delivery
59 Slow Capital, Lasting Change
65 Untapped Opportunities for Housing Growth
73 Cross-sector Collaboration
84 Project Showcase
85 Endnotes & Acknowledgements
88 Sponsor Profiles

Publication Details

Published 23 October 2025
92 Pages 

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