The Mayor of London has announced a new fund which will allow councils to buy homes from the private market.

Sadiq Khan’s Council Homes Acquisition Programme (CHAP) is aiming to help London’s boroughs buy 10,000 new homes over the next decade

According to the mayor, the need for new council homes has never been greater, with the capital’s boroughs grappling with the financial and social costs of a ballooning homelessness crisis.

Over 170,000 Londoners are currently living in insecure temporary accommodation, including more than 83,000 children, with many families stuck in unsuitable bed and breakfast accommodation.

All London boroughs will be able to bid for funding from the CHAP, and all homes funded through it must comply with the Decent Homes Standard and meet strict building safety standards.

Homes will also need to be within boroughs’ boundaries to ensure residents can stay rooted in their local communities. Local authorities will be able to purchase a wide range of homes from the private market, including former council homes lost to Right to Buy, which over the past four decades has driven down London’s overall number of council homes.

Sadiq Khan, said: “I’ve put council housing at the heart of my plan to boost homebuilding in the capital, and I’m proud that we’re now building more council homes in London than at any time since the 1970s – and more than the rest of the country combined. My new Council Homes Acquisition Programme will allow boroughs to move at pace to increase the number of council homes in our city, offering a lifeline for thousands of Londoners who are facing high housing costs, as the first part of my ambitious goal for councils to buy 10,000 homes over the next decade.

“I will continue to take decisive steps to address the social housing crisis, stemming the tide of loss and replenishing London’s council house stock. Bringing these homes into public ownership is a key part of my plan to build a better London for everyone – a city that is greener, fairer and more prosperous for all.”

Mayor of Lewisham, Damien Egan, said: “Tackling the housing crisis is one of the biggest challenges facing councils in London. Alongside our existing council house building programme in Lewisham and the success of the Mayor of London’s Right to Buy-back scheme, this funding will help address the desperate need for more social housing and temporary accommodation in our borough.”