Boris Johnson pledged £5 million today to help Londoners build their own homes in a Grand Designs-style housing revolution.
The funding will support about 150 homes initially on disused sites like former laundries, garages and store sheds.
Self-builders are being encouraged to bid for cash to subsidise their construction costs - with new energy efficient homes now attainable for as little as £50,000.
City Hall Tories, who lobbied the Mayor for the funding, have drawn up a list of over 4,000 redundant sites and spaces across just 13 boroughs of London, where these affordable homes could be built.
They claim that the scheme could eventually be expanded across every borough and deliver 10,000 new homes over the next decade.
Assembly member Gareth Bacon said: “Today is a good day for aspiring home owners in London, who may struggle to gather hefty deposits.
“The Mayor’s new £5million funding for self-builders will be a huge help for the likes of young professionals and first time buyers, by giving them an opportunity to build homes on a shoestring budget.”
Mr Johnson added: “In our budget to the Assembly we are including for the first time a new fund for self-builders and the GLA will encourage bids to deliver affordable housing on infill development for at least £5million of GLA grant funding.”
Nick Simpson, 33, a potential self-builder from Homerton, said: “The main obstacle for me is the cost of land in this city. A small plot for one property can cost £200,000 near me in East London, so with building costs on top it’s just not affordable to most people. This financial support will massively help people like me when it comes to getting onto the housing ladder.”
The Mayor has also committed £1 million in total to help five of the capital’s street markets grow.
