A large increases in demand for London housing over the next decade and beyond will not be matched by a rise in supply, according to independent research published today (Tuesday 09 October) by international property consultants Cluttons.
It says that since 2000 an extra 400,000 jobs have been created in London across a broad range of sectors and this places unprecedented demand on the capital’s limited housing stock.
This in turn means that prices and rents are rising and will continue to do so as there is no sign of the supply side being able to match future demand.
It says that those wishing to live in London can therefore expect to have to crowd up further, live in privately rented accommodation for longer or effectively be priced out of the market.
The report argues that employment is expected to rise further over the next decade but jobs growth will be held back by a lack of housing. In addition, with house building still only at three quarters of the level it was between 2000 and 2007, developers still face many challenges in terms of finance and land supply.
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