Waltham Forest Council is set to purchase 400 homes, in an £88 million project to house homeless people and those living in temporary accommodation.

The local authority has agreed a deal with social care and housing provider Mears to secure hundreds of properties in the borough for the next 40 years.

The project was given the green light by cabinet members last month and work is underway to identify suitable homes for purchase.

Properties will be a mixture of one, two and three bed properties to house 400 families, who are currently in temporary accommodation or for whom the council has accepted homelessness duty.

Cllr Khevyn Limbajee, Cabinet Member for Housing, said: "This is a hugely proactive step that shows how serious we are to take action and alleviate the housing crisis which is currently engulfing London.

“Getting people off the streets and giving them the support they need to succeed in life must be a priority for us all.

“It is fair and right that we do all we can to ensure everyone has a decent roof over their head.”

The councils says the move will mean money from the Housing General Fund budget, which is currently being used to provide temporary accommodation, will instead be used to fund the construction of new homes.

It currently costs the local authority an average of £47 per week for each household in temporary accommodation.

The joint venture partnership with Mears will raise the £88m needed to purchase the properties by issuing bonds, and use the funds to acquire homes to be held and let.