A new package of housing investments announced by Chancellor of the Exchequer George Osborne last week (February 20th) will ensure that London meets its need for over 400,000 new homes.

The project will see the London Land Commission at the Greater London Authority identifying public sector brownfield land that is no longer needed in the capital to help develop these areas into accommodation by 2025.

Mr Osborne outlined the scheme in detail, including plans to designate nine Housing Zones in Greenwich, Bexley, Barking and Dagenham, Wandsworth, Harrow and several other London boroughs. These will then be awarded special funding set aside to deliver affordable housing.

In addition, a further £5 million will be provided for a permanent purpose-built home for the government-backed No Second Night Out scheme, which aims to provide a secure foundation for pan-London rough sleeping services.

Further, £84 million will be set aside for a Social Mobility Fund that will help council tenants who are eligible for Right to Buy. This money will be targeted at those tenants wishing to move to more suitable accommodation or for work purposes.

Osborne recognised that London has now surpassed the previous peak reached over 70 years ago, reversing a trend that saw the population decline "as people left the city to look for better housing".

He went on to describe the spiralling population as "the number one challenge" for the capital.

Mayor of London Boris Johnson voiced his approval at the announcement of more investment for houses, claiming that a high quality stock of housing will be needed by 2025 in order to cope.

Communities secretary Eric Pickles added his support to the project, claiming that the new measures will help to "regenerate" brownfield land, provide new housing and protect the Green Belt around London that represents areas of outstanding natural beauty.