Young Londoners will be able to buy new homes for £100,000 in the capital with a deposit of just £5,000 if Tory mayor candidate Shaun Bailey is elected next year.
Bailey will announce tomorrow that if victorious in the May poll that he will build 100,000 “Millennial homes” that can only be bought by young Londoners.
They will all be “shared ownership” properties, where up to 10 people can buy a share in the newly built homes.
The Tory mayoral candidate will make the announcement in Erith, South East London.
He is expected to say: “The overwhelming majority of Londoners want to own a home and the mayor of London’s job is to help make that happen.
“But over the last four years, Sadiq Khan mostly built homes for renting, not buying — locking a generation of Londoners into rented accommodation, unable to save for a deposit.
“So during my first term as Mayor, I’ll fund the construction of 100,000 millennial homes to be sold at £100,000 each.”
Bailey is expected to say that the policy is “personal” for him.
“I spent parts of my twenties homeless, wondering whether I’d ever get on the housing ladder,” he will say.
“Shared Ownership was the first step on the housing ladder for me and my priority is to give more young people the same opportunity too.”