Aggressive Plan to Fight UK Housing Shortage Laid out by London Mayor
The UK housing market crisis is faced by anyone in search of property today and moving forward. There is a vast undersupply facing those seeking residences now and into the future and by the year 2020, many could potentially have no place to call home. The crisis of shortage of supply is a problem many have been aware of for years. Although much is being done to find a viable solution, the giant hurdle remains. London mayor Sadiq Khan is moving to fix the problem and exhausting all resources to do so.
The goal of building more than 250,000 homes in the suburbs surrounding the capital city of London is now established with plans to move forward. Currently, house construction is moving at a pace of 100,000 set to be built in the surrounding suburbs by the year 2029. The mayor’s goal of building 250,000 and a total of more than 650,000 in and around London is more than double the current goal.
In order to achieve the building goal, some house building restrictions have been lifted in favor of creating more spaces for residents to call home. There have been numerous displays of opposition to the plans laid out by the mayor. Many have noted the new development areas will become browner and overcrowded compared to their current state.
The mayor has called for 50% of the new homes to be built upon public sector land and for 50% of the homes to be considered affordable by those receiving an average size income.