As the Mayor’s draft new London Plan goes through scrutiny at examination, it is clear the housing challenge has grown significantly since the last iteration to keep apace with London’s increasing population.
London’s average population growth over the last five years was 1.4%, but its housing growth was only 0.8%. In light of the ongoing housing challenge that London faces, this note provides an update on the latest housing targets and delivery to date, as well the measures being explored to support increased delivery.
Housing delivery in London – Key points
London’s average population growth over the last five years was 1.4%, but its housing growth was only 0.8%.
The new target also includes 38% of housing delivery to be on small sites.
The draft new London Plan proposes a 53% increase in London’s ten-year housing target compared to the current plan. The new target also comprises 38% from small sites.
Net additional dwellings for the period 2017/18 have fallen 23% on the previous year.
New builds fell 13% for the period 2017/18 compared to the previous year.
There has been a 30% reduction in planning applications for major schemes in 2017/18.
GLA has set a target of 116,000 affordable home starts by 2022 of which 34,994 (30%) has been delivered to date.
There is an estimated £8.6bn funding shortfall to deliver the necessary homes in London.
The Government’s Home Building Fund comprises £4.5bn of government finance designed to support delivery of homes and administered by Homes England.