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According to recent parliament debates between the Conservative and Labour parties, London is in the midst of a housing crisis. James Murray, London’s Deputy Mayor for Housing has asked the government to take action and “step up their game”. Murray has also requested an increase in investment and affordable housing, to meet the capital’s need for 66,000 homes a year.
Fraser Williams, leading Chartered Surveyor and Managing Director at Morgan Pryce, explains; “The Grenfell Tower fire was a clear indicator of how bad the housing crisis in London has become. The government took far too long to rehome the victims, and in the end had no choice but to pay developers for their luxury Zone 1 flats.”
In 2012, George Osborne gave development rights to landlords to convert their commercial real estate units into residential accommodation. Although this created a shortage of London office space, more living accommodation was made available to the public as well as the council.
The new housing target comes from an assessment of the capital’s housing requirements, which will form part of the draft London Plan, to be published next month. To meet the target, City Hall wants government funding for London’s affordable homes to increase from £500 million to £2.7 billion a year.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.