Land & New Homes

London Mayor’s Housing policy

Sadiq Khan, the new London Mayor, says that his biggest priority is to build thousands more homes every year. “Our capital needs more than 50,000 new homes a year – yet Boris Johnson built barely half that number.” He also vows to create a living rent and improve the private rented sector in the Capital. This sounds good, most property professionals would agree… but is it possible? Miles Gibson, Head of UK Research, CBRE UK said, There are key areas, specifically housing planning, investment in infrastructure and ensuring London’s placemaking continues to be world class, which must be capitalised upon if it is to prove a successful term in office. “To date there has been little detail on how the new Mayor’s manifesto will be funded, in particular the infrastructure investment and proposed surface transport improvements. It’s the detail behind these numbers which is most eagerly anticipated by the property industry.” Adam Challis, Head of JLL Residential Research, said, “Sadiq Khan has said he will introduce a 50 per cent affordable housing target for new developments, and use mayoral planning powers to stop ‘buy-to-leave.’ He also vowed to stop homes being sold off in advance to foreign investors. In reality,…