Slump in new home planning approvals in the capital
20 January 2016, Blog
According to data compiled by estate agents Stirling Ackroyd, new home planning approvals in London slumped in the third quarter of last year. According to records so far, approved applications are falling far short of the 42,000 annual figure needed to meet government housing targets for the capital.
With 11,865 new homes approved in the first quarter, 8,063 in the second quarter, and just 5,740 in the third, there are warnings that the London housing crisis is expected to worsen. Andrew Bridges, managing director of Stirling Ackroyd, said to the Guardian that “[a]pprovals simply aren’t stacking up. No, no, no is being heard far too often and it can’t continue.”
The number of new homes granted approval did, however, vary across the boroughs in London. Boroughs in the south outpaced the rest, with Southwark, Croydon and Lambeth accounting for 41% of all planning approvals in the capital.
Whilst application approvals are falling short, the government pledged last week to create 13,000 homes in southern England to alleviate the UK’s housing crisis.