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Sadiq Khan’s plans, pledges and policies for London’s property market

Sadiq Khan has already made a name for himself as the new Mayor of London as he’s made history by having the biggest personal mandate in British political history. Some were perhaps shocked by this as it differs so hugely from Mr Corbyn’s strategy of mobilising millions of non-voters which has “abjectly failed” according to backbencher, Tristram Hunt.

As the Mayor of London, one of his main focuses has to be on housing, and from his point of view, ensuring there is a healthy supply of affordable housing. His role allows him to have a large amount of control when planning regulations are concerned, so many are questioning what Khan will do with his newly found power.

The issue has risen to the top of the political agenda, not just because of soaring prices and rents, but also because of the huge influx of luxury flats being built which have an extraordinarily high price tag in central London. As a recent article in The Financial Times states, Mr Khan’s ‘big manifesto pledge was that half of new housing construction in London should be affordable to people on average incomes’.

Mr Khan’s policies, therefore, hit many developers who focus on prime areas of London. By enforcing his desires of making London property less pricey, he risks a huge reduction in sites that are able to deliver affordable housing. Prime London developers pay a lot of money for land, and therefore they need to make this money back which is what causes the higher price tags.

According to a report by the Centre for London think-tank: “The development of new housing in a city like London is a remarkably complex business. It typically involves a partnership of an array of private companies, public and third sector bodies, the coming-together of a range of skills — including planning, finance, design, and community engagement — and the pooling of resources in the form of land and finance.”

With all of these concerns looming, many are choosing to look slightly further afield, to areas that still offer bargains as well as brilliant amenities.

That is certainly what we do at Inspired Homes, as we focus on the very best commuter zones such as Croydon, Epsom, Sutton and Chertsey, creating developments that are always extremely close to all public transport, shops and the town’s facilities.

In addition, our houses start at just £183,950 and we have help to buy in place, meaning that a Greater London property could be yours for just a 5% deposit.

To find out more, call us on 020 8688 6552.

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