Housing schemes have dominated the capital spending of Greenwich Council, accounting for the vast majority of investments made in the last financial year. The council invested £290 million in capital projects during 2025/26, with a significant 74% of this expenditure, totalling £215 million, allocated to housing-related initiatives.
This substantial investment in housing includes the construction and acquisition of new homes, as well as improvements to existing council properties. The Greenwich Builds Programme, a key initiative for delivering new homes, received £117 million, with £95 million directed towards construction and £22 million for acquisitions. A further £71 million was invested in the renewal and enhancement of existing council homes.
The council also acquired properties for temporary accommodation, rough sleeping, and refugee pressures, with an investment of £21 million in this area. This acquisition programme, part-funded by grants from the GLA and MHCLG, is part of a broader strategy to address housing needs in Greenwich, including the delivery of 1,750 homes across Greenwich Builds Phase 1 and 2.
However, the projected timelines for the completion of these new housing developments are subject to ongoing negotiations with third parties. Consequently, the expenditure forecast for these projects has slipped into the 2026/27 financial year, with specific completion dates not yet provided.
The Capital Outturn Report for 2025/26, which details these investments, was noted by the council's Cabinet. The report indicated that variances against the forecast position were primarily due to the multi-year nature of capital programmes and project timelines. The council maintained an under-borrowed position throughout the year, utilising internal reserves and temporary cash resources to fund capital expenditure, with the average interest rate for the debt portfolio remaining low at 4.23%.
Beyond housing, Greenwich Council also made significant investments in other capital projects:
- Education facilities: £24 million was invested to create new education and learning facilities and improve existing schools, including £2 million for decarbonisation.
- Decarbonisation of the corporate estate: £4 million was invested towards this initiative.
- Woolwich Waves led town centre regeneration scheme: £18 million was invested in the completion of this scheme.
Other capital investments mentioned in the report include:
- Priority Investment: £20.45 million
- Schools / Early Years: £23.93 million
- Transformation: £2.87 million
- Transport: £7.86 million
- Property: £17.56 million
- Flexible Use: £3.15 million
- Housing Investment (GF): £3.97 million
- Housing Development (GF): £21.48 million
The full details of these investments can be found in the Public reports pack for the Cabinet meeting on 15th July 2026 Public reports pack 15th-Jul-2026 14.00 Cabinet.pdf.
