Mayor of London Boris Johnson has unveiled plans for the construction of 55,000 new affordable domiciles in the capital, which could potentially create more than 100,000 employment opportunities in the next four years.
He has received £3 billion in funds from the government to invest in residential schemes in the city and will also use this to upgrade 40,000 council houses so they can meet the Decent Homes Standard.
Another 2,000 dwellings could be erected in the Greenwich Peninsula, as Mr Johnson has proposed unlocking this to developers and creating one of the largest construction sites in the country.
This would boost the building industry and heighten the number of jobs in the capital, he pointed out.
Recent data from the Office for National Statistics reveals the proportion of joblessness in London is 9.9 per cent, with only the north-east suffering from a higher percentage.
“This strategy offers us a golden opportunity to push on full steam ahead to deliver more affordable homes,” the mayor stated.