Despite large claims to solve London’s housing crisis, it still looks increasingly unlikely that the London Mayor, Sadiq Khan, is going to be able to deliver 50,000 new homes a year for the capital.
Khan is just over a month into his new job and it is beginning to dawn on him that solving London’s housing problems is not going to be easy.
The housing crisis currently taking place is due to two simple yet significant issues: ever growing demand and a sheer lack in supply. This, along with increasing foreign investment is causing house prices in the capital to sky-rocket. The price of an average property in London now sits at £630,000, which we don’t exactly call affordable.
When asked about what he wants to see built, gone is the old definition of affordability. He wants to create a diversity of homes in the capital with “first dibs for Londoners”.
Kahn’s original plans looked good, but as researchers have delved deeper, it has become more evident that there are large gaping holes.
As a recent article in Homes and Property highlighted, his plan don’t address his definition of affordable housing; how many units he wants to see built, and who will deliver them.