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Boris Johnson’s Housing Bank Set to Fall 90% Short of Target

  • Just 270 homes out of 3,000 target due for completion in 2018
  • Rental restrictions limiting demand for the finance: analyst
A construction worker lays bricks at a Persimmon Plc residential property construction site in Cranfield, U.K., on Tuesday, Jan. 6, 2016. The average price of a home rose 0.8 percent to 196,999 pounds ($292,100) from November, the most since April, Nationwide Building Society said in a statement released at the end of December.
Photographer: Simon Dawson/Bloomberg

A housing bank set up by former Mayor of London Boris Johnson to speed up the development of 3,000 homes in the U.K. capital by 2018 is set to deliver just 9 percent of its target.

Just 270 homes are due to be completed by March of next year via a single project in the Ealing borough, according to data compiled by the mayor’s office. To date, the bank has loaned 10.5 percent of the 200 million pounds ($250 million) of credit set aside to help construct houses and apartments.