TfL’s property company adds £1 billion to London’s economy
Places for London, the independent property company owned by Transport for London (TfL) has now contributed more than £1 billion to the capital’s economy.
This is according to the latest edition of the company’s Our Contribution report, which found that during the last financial year it contributed £447 million towards the capital’s economy through its activities, bringing its total contribution to more than £1 billion over its lifetime to date.
Places for London was formed in 2023 to develop and repurpose properties on land owned by the transport operator.
It has placed social impact and sustainability at the heart of its building practices, and it estimates that it has generated £8 million in annual societal benefits through greater housing stability, education, and cost-of-living savings for residents.
The company has delivered more than 2,000 homes in the three years it has been in operation, and 58% of the housing across its portfolio are affordable homes.
Places for London has also started more than 4,900 homes on site to help address London’s housing shortage.
Its new developments are designed for carbon efficiency, with an average of 31% lower embodied carbon than the industry benchmark for residential schemes, and its development schemes from the last year include more than 2,300m² of sustainable drainage systems.
The report highlighted that Places for London, one of the biggest property owners in the capital, supports around 12,000 jobs across its London-wide estate.
“The results are clear, we are helping London grow and giving new opportunity to people, business and communities – including those with most need – so the city can continue to be its best, with new homes and destinations that people want to be in,” said Places for London Head of Sustainability Gordon Rogers.
“We are committed to building on these results, and our new Sustainable Estate Framework will see us create inclusive, vibrant places whilst delivering transport improvements that support healthier communities.”
