The capital will receive £7 billion of this first tranche, with local authorities tasked to deliver more than half of the new homes. These social rent properties aim to offer tenants discounts of roughly 50% compared to market rates. Burnham argues that empowering councils to lead construction is the most effective path to stability for those struggling with rising costs and homelessness.

Beyond London, the government expects the first wave of financing to support approximately 20,000 new homes across northern English cities. While the specific number of units in the capital remains undecided, the long-term strategy involves distributing £16 billion to regional areas outside London over the next ten years. The initiative also grants mayoral authorities greater control over local development, aligning with Burnham’s broader push for regional devolution.