New housing in the capital needs to double to meet the enormous housing pressures and the highest homelessness rates in the country.
According to a new report, housebuilding in London needs to double to 100,000 new homes a year in order to tackle the housing crisis. Delivery rates are currently way below these figures, with the most recent Government data showing only 41,718 completions in London in 2019-20.
Research shows market is unlikely to meet housing delivery target of 52,000 in the new London Plan.
The report highlights that increasing social housing stock is key to meeting the housing needs of low and middle-income Londoners. Forecasts for 2021-25 also show that private developers are focusing on upper price bands only available to higher earners.
The London boroughs have also seen significant increases in homelessness, in part because of the increasing costs resulting from under-supply.
This research illustrates the importance of using fast-track offsite solutions to ramp up productivity particularly for affordable housing in the capital and nationwide.
The use of standardised factory production processes improves quality, is more sustainable, and can significantly reduce programme times, allowing social landlords to move tenants off waiting lists more quickly.
Premier Modular specialises in the offsite construction of high-quality mid-rise apartments and studios for affordable housing, build-to-rent, student accommodation and emergency housing for homeless people – and demand for our building solutions continues to increase.
The new report is based on joint research and forecasting from Savills, London Housing Directors Group at London Council’s and the G15 group of London’s largest housing associations.