London’s future mayor faces a formidable housing challenge, as the capital enters 2016 more than a fifth behind its new homes aims, according to the latest London New Homes Monitor from Stirling Ackroyd.
Across the whole of 2015, 32,910 new homes were granted approval by planning authorities across Greater London. This upper limit means that – at best – London’s annual supply of homes is 22% behind official targets for 42,000 completed London homes per year.
If every single application had been approved by Greater London councils as suitable for development, then London would have been closer to reaching its housebuilding targets. Applications in 2015 represented a total of 42,910 potential new homes. However only 77% of these were accepted by planning authorities.
Andrew Bridges, managing director of Stirling Ackroyd, comments: “London has the finance, the space and without doubt the demand for new homes – but it seems this great city doesn’t have permission. With less than three months to go until London’s next mayor is elected, it’s time for candidates to get serious about places for Londoners to live.
“London’s election chatter may be stepping up, but no one is facing up to the housing reality. For all the optimism on offer, there is very little focus on practical steps.
“Always a fan of a classical reference, Boris might be first to admit that the housing pipeline has been the Achilles’ heel of his mayoral incumbency.
“Fresh candidates of all stripes should be willing to rise to the housing challenge, as well as supporting the easier issues that have progressed better for Boris.
“Politics and personalities aside, today’s housing deficit is deepening and the electoral clock is ticking. The mantra in 2016 should be planning, planning, planning.”
Read the full report here.