Planning surge puts London’s new homes target in reach

Planning surge puts London's new homes target in reach



A wave of new homes which cleared the planning system in the opening quarter of 2015 has brought London’s housing targets well within reach….

A wave of new homes which cleared the planning system in the opening quarter of 2015 has brought London’s housing targets well within reach.

The latest London New Homes Monitor from Stirling Ackroyd have revealed that the number of new homes approved by the planning system in Q1 represented an annualised figure of 47,460 new homes across Greater London.

This is nearly 20,000 more homes per year than the equivalent rate of approvals in Q4 2014 and means homes are now receiving the go-ahead fast enough to hit official City Hall and UK Government targets.

Andrew Bridges, Managing Director of Stirling Ackroyd, said new homes were on the way and after stuttering for so long, London had developed a clear housing deficit.

“If this pipeline of new property comes to fruition, it will represent exactly the heavy-duty, industrial scale of response needed to start filling the housing hole,” said Andrew.

 “Things are finally going in the right direction, yet in fact, government targets may not be set high enough.

“Our analysis shows London needs to build an average of 57,000 new homes a year just to cope with expected population growth over the next decade.

“That means astronomical improvements in approvals and building starts need to be sustained - and even improved upon - for the next three quarters just to meet what’s needed this year.

“So Londoners should hope this is more than a brief alignment of the stars, and any complacency now would be a mistake.”

 


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