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Drop in the Amount of Houses Being Built in London

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Over the last 12 months there has been a significant reduction in the amount of housebuilding that took place in London. The Housing & Finance Institute has revealed that they for the first time in five years there has been more homes constructed in the home counties that in the capital city. It is thought that this drop in building work is part of a wider issue that has seen London dropping out of favor, with potential homebuyers looking to other parts of the country.

The research that has been carried out by the Housing & Finance Institute shows that preferences for other parts of the country is the main reason behind the dip, and not Brexit, as is seen as a significant player in so many activity drops across a range of different industries. The analysis carried out by the organisation also shows that the focus put on Housing in London by the Mayor of London Sadiq Khan is the right move in this climate, although there could be a way to go before the previous house building momentum is reached.

According to the figures, approximately 16,800 new homes were started in London in the year to March 2017. This figure is a big reduction from nearly 23,000 homes started the year before. Alongside this, more than 24,300 new homes were constructed in the Home Counties in the year to March 2017, which is an increase from 21,500 the year before. In England as a whole the amount of residential construction projects started has increased, with the figures sitting at 163,000 in comparison to 143,000 recorded in the previous year.

The Housing & Finance Institute believes that a series of special measures should be implemented in London in order to stop the city from falling even further behind, as well as seeking greater powers in order to assist the South East and other regional areas in order to make sure that the homes required by the country continue to be delivered.

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BDC 319 : Aug 2024