- The Greater London Authority (GLA) has identified 93 town centres as having potential for residential development. 17 in Inner East and Outer North West London are classed as high-priority areas
- Transport for London (TfL) are working with local authorities to bring forward housing sites around transport hubs
- KFH analysis states that units in the planning pipeline in Greater London has increased by 93%, compared to the same period in 2019
As activity in London’s new homes market shows clear signs of a pick-up, the role of central and local governments will open up opportunities for developers. This is according to the latest research from London property group, Kinleigh Folkard & Hayward (KFH).
The report illustrates how policies such as town centre regeneration and the role of public land are shaping the new homes market across London. In terms of London’s planning pipeline, the percentage of units (93%) and the number of schemes (39%) have increased in 2020 when compared to the start of 2019.
In addition, the highest volumes of residential units completed, under construction or with planning permissions, are in Inner East and Outer North West London. In these areas, 17 town centres have been classified by the GLA as high-priority areas for residential development. See full breakdown below.
The demand for Help to Buy (HTB) properties is also driving the London market. The number of new homes sold using the scheme has doubled to 52,268 since its inception in 2013/14, with 91% of purchases completed by first time buyers. At KFH, 69% of new homes sales in 2019 were supported by HTB.
John East, Land and New Homes Director at KFH, comments: “Housing delivery in London has been on an upward trend since 2018, and the election result has contributed to a resurgence in the residential sales market. The policy focus on town centre regeneration, and TfL’s housing scheme around transport nodes, will help breathe life into these areas by supporting retail, leisure and Build to Rent portfolios. This, coupled with the HTB scheme currently scheduled to end in March 2023, will result in a peak in supply for new homes in the coming years.”
The research, ‘New year, new opportunities’, provides commentary on London’s new build pipeline. It also delves deeper into the significant upturn in the residential sales market since the election, and the policies shaping the new homes market across the Capital.