There has been more good news for the property market this week with new data showing that the number of planning application approvals for new homes in London has increased by 46% on last quarter, writes property developer Richard Carr.
Richard Carr believes this rapid increase shows that there is plenty of confidence in the market at the moment with planners putting more applications in and authorities working quicker and more effectively to get them approved.
If the government are to have any chance of getting the country out of the current housing crisis this has to continue.
In the second quarter of 2016 some 6,310 new homes were approved out of a possible 8,280 applications, an approval rate of 76%, according to the London New Homes Monitor from estate agents Stirling Ackroyd.
“London has had a tough time lately, as Brexit injected a dose of uncertainty into the property market. In spite of this, the number of new home approvals improved in the run up to the result,” said Andrew Bridges, managing director of Stirling Ackroyd.
“There may still be an impact to come but for now, this pick-up is a sign that London’s property market is resilient. It’s a new game of unknowns and London could emerge a winner,” he added.
Westminster is by far and ahead the most popular in terms of approvals and applications, however these properties are generally out of reach for the average Londoner, which leaves many feeling let down by the affordability of homes in the capital.
Bridges believes that the capital should be able to provide more affordable housing and claims that there is space for up to 570,000 new homes in London over the next ten years. He also added that a more efficient planning system would help achieve such targets.
“Planning reforms are still on the government agenda for now and they need to stay there. Overall, more resources and time need to be committed to achieve the number of new homes London needs. Having a new home can transform lives and London has always been an aspirational city,” he concluded.