London is seeing planning consents for at most two-thirds of the numbers required to meet the capital's housing crisis according to estate agency Stirling Ackroyd.
The agency claims an annualised rate of just 27,470 homes are being approved as of the final quarter of 2014 - that's around 69 per cent of the 40,000 finished new homes demanded by George Osborne and Boris Johnson in February and underlined in last month's Budget.
Analysis of planning applications across all of the capital's 32 boroughs plus the City of London shows just 6,780 homes were given planning permission last quarter, spread across 826 different sites.
The number of homes reaching completion stage is even worse, the agency claims. It stands at an annualised rate of just 18,440 after the fourth quarter of the year saw just 4,610 properties finished.
Our capital must not become a victim of its own success - which means homes for everyone who can contribute to this city's vibrant future. Homes have proved an excellent investment over previous decades, and today's new Londoners demand the same opportunity. Planning must keep up says Andrew Bridges, managing director of Stirling Ackroyd.
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Comments
[quote]Agency says building drought will push up prices further [/quote]
You don't say.