TFL plans to build 3,000 flats above tube stations – but you’ll only be allowed to rent them

TRANSPORT FOR LONDON plans to build 3,000 flats above tube stations in London, which will be available to rent.

Woolwich, Kennington and Wembley Park are just three of the locations that TFL hopes to convert into living spaces.

At least 40 per cent of the rental flats will be affordable and will offer longer tenancies of three years or more.

The contracts will also come with break clauses that allow renters to end the tenancy with a month's notice any time after the first six months.

There will be on-site management and tenants won't have to fork out any upfront fees either.

TFL owns 5,700 acres of land in the capital - an area that Buckingham Palace and its gardens could fit in 143 times over - making it one of London's largest landowners.

TFL has previously sold land to be developed into homes but these properties have been put up for sale.

This is the first time it is branching into the rental market.

Graeme Craig, director of commercial development at TFL, said: "We want to help meet London's critical need by building thousands of homes at pace, including high levels of affordable homes.

"We also want to create a legacy of high-quality homes across London that will create sustainable long-term revenue for TFL."

The transport group hopes to find a partner by the end of March 2019, and hopes to start construction by the end of 2020.

London property prices have stalled for the first time in eight years - but first-time buyers still face paying 13 TIMES their income to buy a house in the capital.

But some developers have taken up the challenge of providing affordable accommodation for city dwellers.