City of London confirms major funding for housing upgrades

The City of London has confirmed funding for upgrades to its housing stock across the Square Mile and six London boroughs. 

The Corporation, which manages 1,800 social rented homes as well as 900 leasehold properties across London, has allocated £152m from the City’s Fund to support the major works programme, which totals £211m. 

The decision was confirmed a meeting of the Court of Common Council, the City Corporation’s top decision-making body. 

City of London Corporation policy chairman, Chris Hayward, said that providing good-quality homes was a “fundamental responsibility” and said the investment would help the secure the “long-term future” of the estates.

The programme is set deliver upgrades to 2,900 homes, including replacement windows, modern kitchens and bathrooms, updated heating systems, refurbished lifts, electrical improvements, new roofs, and enhanced communal areas, the Corporation said.

Chair of the City of London Corporation’s community & children’s services committee, Helen Fentimen, said the investment was a “turning point” for the City.

“We recognise that the scale of work required has long exceeded the resources available within the HRA, and we have taken decisive action to put that right.”

Many of the City’s estates fall below industry standards and are in need of repair and maintenance. The percentage of the City of London Corporation’s homes classed as ‘non-decent’ has almost doubled in the last 12 months, from 9.6 per cent to 17.6 per cent.

It has previously said it needs £205m to address the disrepair across its estates and ensure some buildings now comply with fire and electrical regulations.

Upgrades for the Grade II/Grade II*-listed Golden Lane estate, for example, have been delayed for years and will cost over £100m.

Outside investment has been floated as a possible long-term solution to the City’s housing woes, although overseas funding would only be considered for future housing schemes and redevelopment programmes, rather than changes to existing stock.