Affordable homes development falling in London
The Olympics is boosting house building in London but development of affordable housing has reduced, according to consultancy Drivers Jonas Deloitte.
DJD’s London Residential Crane Survey, which details every scheme of 50 units or more across the capital, reveals that more than 11,000 units are under construction in east London.
Anthony Duggan, head of research at DJD, said: ‘The survey paints a fairly positive picture of the residential development landscape in Greater London – nowhere more so than in the east.
‘There is clear evidence of a significant rise in overall construction levels at a time when economic conditions could have led to developers holding back.’
The report shows a 40 per cent increase in construction activity year-on-year but there has been a fall in the number of starts.
The survey also shows a fall in affordable housing development, down to less than 40 per cent of new schemes from more than 50 per cent. A DJD spokesperson said: ‘Ongoing uncertainty about changes to the funding mechanism for affordable housing is likely to cause delays in homes being consented and completed.’