Sadiq Khan, the Mayor of London, admitted the city needs to enhance its housing delivery, particularly amidst a dramatic decline in affordable housing starts. Speaking at Mipim, the largest property conference in Europe, he highlighted the severe drop in new affordable homes by 88% over the past financial year. He emphasized the necessity of collaboration with the national government and foreign investors to address this shortage. Moving forward, Khan plans to take a more active role in managing planning challenges and intends to establish more mayoral Development Corporations to streamline housing projects, despite current economic hurdles like inflation and Brexit.
I'm the first to admit supply has not met demand, and we have got to do better, and we're going to do better with the support of national Government, councils, but also with some foreign investment.
London had not been immune from the worst national housebuilding conditions on record since the Second World War with construction costs, inflation, high interest rates, lack of skilled Labour, the Ukraine war and Brexit all holding back construction.
We need to set up more mayoral Development Corporations of the kind currently proposed for Oxford Street, to ensure proper delivery of housing.
Starts on new affordable homes in the capital fell by a record 88% in the last financial year from 26,386 to just 3,156.
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