Developments

SiteSales Property Group Managing Director Comments on London Plan

The Managing Director of SiteSales Property Group, Murray Smith has spoken about the plans that have been put forward by Mayor of London Sadiq Khan for the Capital. The draft London Plan that has been put forward by the Mayor include ambitious increases in delivery numbers for housing, as well as more clarity for a number of the affordable housing schemes.

The main focus of the London Plan is on infrastructure -ready zones, with particular attention paid to areas of the suburbs. One of the more important areas of the plan is the reform of the planning process. The changes that are being made will be policies apparently ripped up in favor of more of an emphasis on fire safety. However, the extra costs for fire safety will be put onto the viability assessments of properties that could have a negative impact on the supply of affordable housing.

Murray Smith has said that there is a clear emphasis on the delivery of additional housing, that will follow on from last week’s budget, which promising to put aside eye-watering sums for production. The Managing Director is however concerned that the government feels that increasing delivery will be the magical solution for the so-called ‘broken market’. While commenting on this topic, Murray also opposed this phrase, as markets don’t break, rather present unappealing offerings, with a market that is reluctant to fall, which then leads to affordability concerns.

The SiteSales Property Group said that, in London per capita, there are enough homes, with the right requirements to suit everyone. However, these properties are simply too expensive to be in reach of first time buyers. Perhaps the solution is building houses that are affordable for first time buyers, although not everyone can afford to live in the most popular and exclusive areas, and compromises should be made in terms of location when looking for a house.

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