Tower Hamlets is adding millions of pounds towards its budget for housing development.

The £73million boost to the borough’s prior budget was given the go-ahead on Wednesday September 20 following a cabinet discussion.

Councillor Kabir Ahmed, cabinet member for regeneration, inclusive development and housebuilding, said: “Overcrowding is a serious problem that affects the lives of many of our residents and this additional £73.2 million will go a long way to deliver this pledge.”

The updated budget has been made possible by reprioritising other building projects and increased Right to Buy sales, according to the council.

The council previously projected a target of 1,000 social homes to rent per year as its target, with this increase in budget set to help it deliver on this.

The budget has been divided into three sub-categories under the overall housing development aim, and will cover new schemes, future schemes yet to be formally approved, as well as ensuring the completion of existing schemes already underway.

The additional funding has opened doors for the funding of brand new homes in the borough, as well as community hubs and centres.

New housing schemes have been assigned £33.4m of the additional funding, with new projects awaiting formal approval allocated £20.1m of the additional funding. 

Additional costs on pre-existing schemes will take up £19.7m of the extra cash.