Planning has pushed London’s new homes ambition backwards as Q3 2015 saw last year’s promising start reversed, with just 5,740 new homes in absolute terms approved, according to the latest London New Homes Monitor from Stirling Ackroyd.
In the last quarter, only 5,740 new homes were granted approval from all London borough planning divisions – giving an annualised rate of 22,950 approvals for 2015. This total means the 42,000 yearly figure required to meet the latest government housing targets stretched further out of reach.
Approval numbers declined by almost a third (29%) from Q2 2015 and fell a massive 52% from the annualised rate of 47,460 approvals granted in Q1.
In absolute terms there were 8,280 applications for new London homes in Q3 2015, with 5,740 granted permission. This equates to an approval rate of 69% across the capital’s 32 boroughs – more stringent than the 76% of new homes approved during the previous quarter. Even if all applications had been granted, giving an annualised approval rate of 33,120, London would still fall significantly short of necessary levels.
Read the full report here.
Mayor of London, Homes for London; The London Housing Strategy https://www.london.gov.uk/sites/default/files/housing_strategy_2014_report_lowresfa.pdf