The G15 has called on the Chancellor to use the autumn Budget to unlock investment in social and affordable housing, tackle homelessness and support economic growth across the country.
In its submission to HM Treasury, Housing London to support growth in every postcode, the group sets out proposals to build on the government’s existing housing commitments, make better use of public investment and give London greater control over the resources needed to address its housing challenges.
The submission highlights the importance of London’s economy to national prosperity, and the growing impact of the housing crisis on the capital’s workforce, businesses and public services.
Around 210,000 Londoners, including more than 100,000 children, are living in temporary accommodation, with boroughs spending more than £5 million every day responding to homelessness.
Among its proposals, the G15 calls for London to retain 25% of the stamp duty receipts generated in the capital, creating a dedicated Housing and Homelessness Investment Fund. Based on 2024/25 receipts, this could provide around £1.3 billion a year to invest in permanent social housing and reduce reliance on expensive temporary accommodation.
The submission also calls for:
- Full devolution of London’s share of the £39 billion Social and Affordable Homes Programme, alongside faster access to low-interest loans.
- Reforms to shared ownership to help more residents buy a greater share of their home and release capital for reinvestment.
- Greater flexibility over public land, property taxation and skills funding to support housing delivery and growth.
- Long-term funding for improving the energy efficiency and quality of existing homes.
- Changes to housing benefit and temporary accommodation funding to help prevent homelessness and reduce pressure on council finances.
The G15 welcomes the government’s long-term housing investment commitments, including the ten-year rent settlement and rent convergence, which provide an important foundation for future delivery.
The submission draws on the G15’s recent research, A city that works for everyone, which found that social housing residents contribute £27.8 billion annually to London’s economy, with 65% of those in work employed in key worker occupations.
Ian McDermott, Chair of the G15, said:
“London has a vital role to play in delivering the government’s ambition for growth in every postcode. But the housing crisis is making it harder for people to live and work in the capital, with consequences for businesses, public services and the wider economy.
“The government has made important commitments to housing investment. Our proposals are about building on those foundations, making better use of existing resources and giving London the tools to tackle homelessness. This will help to unlock growth and prosperity across the country.”