London’s housing market could undermine City of London’s competitiveness
26 March 2015, Blog
Mark Boleat, Policy Chairman at the City of London Corporation, has warned that London’s housing market is approaching a “crisis point”. Boleat claims that at current levels, the price of housing in London is driving away “the best international talent” and reducing the City of London’s competitiveness.
According to Boleat “we must tackle the supply-side problems in our housing market – examining every option and reducing unhelpful planning constraints.” Osborne’s budget may have gone some way in addressing Boleat’s concerns. The Chancellor announced that the London Mayor would now have greater powers than ever before to approve developments on brownfield land. It remains to be seen whether these measures will help London Boroughs meet their housing targets.