New build approvals defy Brexit fears
The number of new build homes approved in London rose in Q2 rose to 6,310, with 76% of new homes approved across the capital.
Quarter on quarter, 46% more homes were approved. Westminster approved the highest proportion with a 99% approval rate.
However Newham approved just 8%, with the borough approving just three new houses each month in the second quarter of the year.
Andrew Bridges, managing director of Stirling Ackroyd, said: “We keep on hearing negativity when it comes to housing in London: not enough space, not enough money, too much nimbyism. In fact, there’s plenty of room and sufficient progress isn’t being made on a yearly basis. Our research suggests space for up to 570,000 across the next ten years. Sadiq Khan may be keen to protect Green Belt sites but good development is possible there too, and we need to think the politically unthinkable to solve the housing crisis.
“There’s a clear and difficult road ahead to solve London’s housing deficit. A big challenge is how to ensure the government’s promise of 1 million new homes and Sadiq Khan’s promises of over 50,000 in London, are delivered now Brexit is a reality. A more efficient planning system is the place to start. Crucially, planning reforms are still on the government agenda for now – and they need to stay there.
“Overall, more resources and time need to be committed to achieve the number of new homes London needs. Having a new home can transform lives and London has always been an aspirational city.
“The East of London appears the most reliable area when it comes to tackling London’s housing crisis. Planning is more lenient, there’s less resistance to new developments and the area keeps growing in vibrancy and significance to the London economy. East London’s impressive tech sector is just a starting point – and success will continue to ripple around the surrounding locales. More and more, people are wanting to live in Shoreditch, Dalston and Hackney Wick – and this enthusiasm is driving developers to the area.”