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Future Mayor of London facing 22% shortfall in number of new homes

London is falling behind its new housing targets as planning departments across the capital approved just 32,910 new homes out of a potential pool of 42,910 last year.

The figures, which are part of the latest London New Homes Monitor from Stirling Ackroyd, outline the scale of the problem facing the new Mayor of London as housebuilders struggle to meet the official target of 42,000 new homes per year.

The 22% deficit is only compounded by figures which show that housebuilding slowed as the year progressed with only 7,240 homes approved in the final quarter, compared to 11,870 in the first quarter of the year.

With the London Mayoral election fast approaching on 5 May, Andrew Bridges, Managing Director of Stirling Ackroyd, believes the issue of planning and new homes should be firmly on the new Mayor’s agenda.

He commented: “London has the finance, the space and without doubt the demand for new homes, but it seems this great city doesn’t have permission. With less than three months to go until London’s next mayor is elected, it’s time for candidates to get serious about places for Londoners to live.

“London’s election chatter may be stepping up, but no one is facing up to the housing reality. For all the optimism on offer, there is very little focus on practical steps.

“Fresh candidates of all stripes should be willing to rise to the housing challenge, as well as supporting the easier issues that have progressed better for Boris.

“Politics and personalities aside, today’s housing deficit is deepening and the electoral clock is ticking. The mantra in 2016 should be planning, planning, planning.”

The London estate agent’s figures also showed a disparity between the rate of housebuilding in boroughs across the capital, with East London’s Greenwich (3,666 new homes approved) and Tower Hamlets (3,628 new homes) contrasting sharply with the likes of Richmond (140 new homes).

Reflecting on this inconsistency, Andrew Bridges continued: “East London is keeping up the energy when it comes to London’s housing challenge. Greenwich and Tower Hamlets are appealing choices for developers, with constantly-improving transport links and a fantastic location in the first place – on the doorstep of the City and benefitting from a general move eastwards in business activity.

“The east of the capital is really coming into its own and embracing new building. But Greenwich and Tower Hamlets can’t house everyone – this wave of enthusiasm and momentum needs to spread across London. This vital debate has been missing from most of the mayoral race.”

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