Demand for new homes remains high in London
New targets designed to build new homes in London may not be enough
to meet demand, according to property experts.
It is expected 66,000 new homes will be constructed in London per
year – up from a previous target of 49,000.
However, Savills believe this target will not be enough, with the
target realistically needing to be nearer 90,000 to 100,000 because
of housing stock shortages across the capital.
“There continues to be a massive shortfall both in London and
its surrounds and it is this misalignment of housing need versus
delivery which could ultimately hinder economic growth,” said
Emily Williams, Savills residential research analyst.
“But London’s housing need cannot be considered in
isolation. There needs to be an enforceable mechanism to ensure
that London’s overspill housing need to be accommodated
elsewhere,” she added.