London will have a 100,000 home shortfall by 2018
- 12 Nov
Research claims that by 2018 London will have a shortfall of more than 100,000 homes.
London has a five year pipeline of 28,500 homes per year however it needs closer to 50,000, real estate adviser Savills has warned.
In their report it shows that 57% of demand comes from the lowest end of the market however it is not being met which accounts for 21,500 of the shortfall. The report warns that businesses may be driven out of the capital unless the amount of affordable homes is increased.
Savills say that only 6% of demand is for homes in the "prime" or top end of the market and the supply of homes for those earning more than £50k is much closer to being met, reports Inside Housing.
"Developers have focused on the top end of the market since the credit crunch, but it is clear that the very deep seam of demand - and therefore the bomb proof opportunity for developers - lies at the lower end of the market," said Susan Emmett, Savills residential research director.
In order to meet the challenge of the rising population the capital will need the equivalent of eighteen new Olympic villages per year. Over a third of the requirement is for affordable homes, 27% for market sale, and 41% is for homes available to rent.
"Last time London's population peaked at 8.9 million in the 1930s we were building around 60,000 homes a year,' Ms Emmett added. "Back then, the city was visibly overcrowded and there were slums to clear. Today our housing crisis is not as visible, but the signs are there behind closed doors. Unless we are careful, the shortage of homes will start to impact on London's ability to compete. We will start to see businesses think twice about coming to a city where they can't afford to house their employees."
What do you think of this? Tweet us your comments @suppsolutions
Image source: http://www.sxc.hu/photo/1383113
- 30 Aug
RECENT ANALYSIS FINDS THAT THE HELP TO BUY SCHEME HAS ADDED TO THE INFLATION OF HOUSE PRICES
The analysis of the Help to Buy Scheme revealed the following:The chief executive of Paradigm Housing Group, Matthew Bailes, said:" ... clearly, it worked well for developers, and for providers, it...
- 22 Aug
A NORTH WALES COUNCIL REVEALED THEIR WAITING LIST FOR NEW HOMES HAS REACHED BREAKING POINT
The north Wales Council revealed their waiting list for new homes has reached "breaking point".According to Clare Budden, Flintshire Council's community enterprise chief officer said:"There are...
- 17 Aug
HOMELESSNESS POLICY IS UNDER REVIEW IN A NORTHAMPTONSHIRE COUNCIL
Kettering Borough Council has amended its letters to homeless residents to let them know of their right to request a temporary accommodation review.According to an ombudsman, Michael King:"People in...
- 15 Aug
FINANCIAL CONSTRAINTS HAVE CAUSED THE CLOSURE OF MANY CHILDREN AND YOUTH CENTRES
Local Government Association (LGA) made the following findings:Chair of the LGA's children and young people board, Richard Watts, said: "The reality is that services for the care and protection of...
- 11 Aug
RESIDENTS OF BUILDINGS IN LEDBURY ESTATE, SOUTHWARK, SOUTH LONDON WILL BE MOVED OUT TEMPORARILY
The buildings in Ledbury Estate in Southwark have been constructed in a similar way to Ronan Point, a tower block in Newham which collapsed in 1968 as a result of a gas explosion, killing three. An...
- 10 Aug
THERE IS A DECLINE IN THE HOUSING MARKET IN LONDON AND OTHER PARTS OF THE SOUTH EAST OF ENGLAND
The Royal Institution of Chartered Surveyors (Rics) made the following findings:Chief Economist at Rics, Simon Rubinsohn:"Sales activity in the housing market has been slipping in the recent month...
- 07 Aug
REPORT FINDS THAT PEOPLE ARE INTENSELY SUFFERING FROM LACK OF AFFORDABLE HOMES IN SCOTLAND
According to the report by "Shelter":Shelter's deputy director, Alison Watson, said:"This report shows the disproportionate impact of Scotland's housing crisis on young people and private renters who...
- 02 Aug
NEW REPORT BY THE PUBLIC ACCOUNT COMMITTEE IN WALES COMMENDS HOUSING ASSOCIATIONS
The report which was put together after nine months of inquiries stated the following:Nick Ramsey, Chair of the Public Accounts Committee, said:"Generally, we found governance and regulation within...
- 31 Jul
LONDON COUNCIL URGES THE GOVERNMENT TO MAKE MEASURES TO END LETTING FEES FOR PRIVATE RENTERS
The London council say urgent action is needed because the government has not provided "a clear timescale to introduce its own measure", Letting Agent Today, reports.Last year, the government had...
- 17 Jul
A NEW SCHEME HAS BEEN PROPOSED TO DEVELOP ARTHUR STREET ESTATE IN LONDON
Wates Residential will help to deliver Orbit's proposed £73m regeneration of an estate in London, after their success with making Larner Road an award winning, 40,000-home, Erith Park, Bexley.Within...
Revenue Optimisation "I am really impressed with Support Solutions and how small organisations are supported with information and training" Susan Harrison (Tenant Support Services)