More than 10,000 homes in Southwark may not be built without the proposed Bakerloo line extension, the council has warned.

This comes as Southwark Council teams up with Lewisham Council to launch a campaign for London-wide support of the Tube line extension.

Transport for London is considering extending the line from Elephant and Castle into New Cross Gate via Old Kent Road, but needs to secure funding

A Southwark Council spokesperson said calculations show 10,500 of the 20,000 new homes planned for Old Kent Road will not be built without the extension.

They said it would also take 20 years to build 9,500 homes without the extension, with reduced interest from developers and less investment in the area.

The extension would make the wider south London area more accessible than it has been before, and is expected to give a boost to the local economy, create more jobs and in turn impact on the housing crisis.

Cllr Johnson Situ, cabinet member for growth, development and planning at Southwark Council, said the extension was vital for the regeneration of Old Kent Road.

He said: “I’m backing the Bakerloo because the extension will make a huge difference to people living and working in Old Kent Road, as well as bringing wider benefits to London.

“There will be a new town centre along one of London’s most famous thoroughfares – Old Kent Road – and the extension is key to delivering more affordable homes, jobs and services to this part of London and opening up new opportunities for people across the city.”

Southwark and Lewisham councils are working with the Mayor and TfL to build a case for the Bakerloo line extension.

If central government approves plans for the extension and the funding needed is secured, construction could begin in 2023.