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London should be able to keep all stamp duty receipts of sales of homes in order to build the million homes the capital will need by the mid 2030s, the Mayor will say today.

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In a keynote speech to the Chartered Institute of Housing, London Mayor Boris Johnson will say that the capital cannot rely solely on a “planning-led” system.

He will call on the coalition government to implement a series of key measures to help reverse the city’s housing shotage.

Among them is the idea that London should be allowed to retain its stamp duty revenue, which is estimated to be worth £1.3billion a year, according to the Mayor’s office. Mr Johnson says that with majority of Londoners paying at least three per cent stamp duty and new levies on homes costing over £2million focused largely on central London, it is increasingly becoming a London tax.

Other measures include giving London boroughs more freedom to build homes, giving housing associations long term certainty to build affordable and market homes, and transferring surplus government land to City Hall to maximise development opportunities.

Mr Johnson, said: “Since I was elected London’s population has grown by 600,000 and is forecast to rise by a further million at least over the next 25 years. If we do not come up with a new plan to build the homes we need, this great city will suffer and the whole country will feel the consequences.

“What is needed now is a radically different approach which optimises City Hall’s role, unlocks the potential of the capital’s boroughs, allows developers including housing associations to up their game and creates a stable supply of land for housing. Above all, London needs a stable funding stream which will support and accelerate its housing and infrastructure delivery.

“Even in the toughest of economic times London has shown that with fresh thinking it can deliver, with record affordable house building figures in my first Mayoral term. So I am calling on the coalition to give us the tools and we will solve the crisis, supporting and creating hundreds of thousands of jobs and boosting economic growth across the UK along the way.”

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