Mayor’s secures over 600 affordable homes on former Holloway prison

The Mayor of London, Sadiq Khan, announced a landmark deal to secure more than 600 social rented and other genuinely affordable homes on the former Holloway Prison site following its sale by the Ministry of Justice. The deal, which involves a £42 million loan from the Mayor’s Land Fund, has enabled Peabody housing association to buy the site. It requires Peabody, working in partnership with private developer London Square, to start work by 2022 on over 1,000 homes, of which at least 60 per cent must be social rented and other genuinely affordable homes.City Hall worked with Islington Council on the planning policy for the site, which set a minimum expectation of 50 per cent affordable housing. The Mayor’s loan deal requires this to rise to 60 per cent, and of these affordable homes, 70 per cent will be social rent, with the remainder either shared ownership or London Living Rent.