London planning permission approvals up
8 July 2015, Blog
This week, many media outlets have reported that the rate of house price inflation across the UK has hit a two year low, but in London they increased by 7.3% over the same period. With an average price of £429,711, the capital desperately needs additional housing stock – according to estate agents Stirling Ackroyd. London boroughs granted permission for 11,870 homes to be built during the first quarter of this year. This apparently represents nearly 20,000 more approvals than in the previous quarter at the end of 2014. If that rate continues throughout 2015 that would mean 47,460 homes in total would be given planning permission.
According to Andrew Bridges, manager director of Stirling Ackroyd, this still won’t be enough. He states that London will need 57,000 homes built every year for the next decade to cope with population growth.
Across Greater London, 25% of these permissions came from Tower Hamlets which approved applications for 2,940 homes. The next highest rate of approvals was from Greenwich with 1,930. This is in contrast to the two boroughs with the lowest rate of planning approvals, Barking and Kingston, with 8 and 21 approvals respectively.