Tuesday 8 August 2023

The Government's 1 Million New Homes Target: What Does it Mean for Homeowners in South London?

The UK government has set a target of building 1 million new homes by 2025. This is a ambitious target, and it's not clear yet how the government will achieve it. However, there are a number of things that the government could do to help boost housing supply in South London.

One option is to focus on brownfield development. Brownfield sites are previously developed land that has been left vacant. They often have planning permission already in place, which can speed up the development process. There are a number of brownfield sites in South London that could be suitable for new housing development.

Another option is to increase the density of housing in South London. This could be done by building taller buildings or by building more homes on smaller plots of land. Increasing density would allow the government to build more homes on the same amount of land.

The government could also make it easier for developers to build new homes. This could include streamlining the planning process, reducing the cost of development, and providing financial incentives to developers. It's called "building control" currently but really it should be called the "building enablement department!"

Of course, there are also a number of challenges that the government will need to overcome if it wants to hit its 1 million new homes target. These challenges include the high cost of land, the shortage of skilled labor, and the opposition of some local residents to new housing development.

Despite these challenges, the government's 1 million new homes target is an important one. South London is already one of the most densely populated areas in the UK, and there is a growing demand for housing in the area. If the government is able to hit its target, it will help to address the housing shortage in South London and make it easier for people to find affordable housing.

Some have even said the government should intervene and make living in south London more affordable... Such things as:

  • Provide financial assistance to homeowners who are struggling to pay their mortgages.
  • Introduce a rent cap to help keep rents affordable.
  • Build more social housing to provide affordable housing options for low-income families.
  • Make it easier for people to access shared ownership schemes.

What do you feel about this topic? I'd be interested to know your thoughts? More social housing, or let the private sector pick up the slack? Do you feel that the government increasing the supply will have a positive effect on your property's value?

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