Planning is better off without politicians!
Here at The Property Recruitment Company we are in continuous contact with clients and are always having conversations about the latest developments in the sector. A topic that is always front and centre when speaking to professionals working in the sector is housing in London. The market is still so buoyant and latest forecasts estimate that a baby born today faces paying £3.4 million for their first property.
Action needs to be taken now then, for the government to be able to help new first-time buyers and save London from being the domain of the super-rich. Many in the industry are supporting the build to rent schemes, and as Greystar prepare to purchase its first purpose built private rental scheme in the UK for £230 million it definitely won’t be the last of this type of project. This will undoubtedly require people of a very specific and highly sought after skill set to be employed across the capital – the question being is the labour force in London developed enough to be able to cope with this change?
Many advise renting over a mortgage, claiming it is better than being tied down to one location and dealing with the repairs and maintenance issues. There are already so many discouraging opinions around people taking ownership of their homes or several homes that can potentially bring financial stability. The Government also have plans to build more homes in cities surrounding London, which raises the question, is there a capacity issue in London? Will changes to housing policy affect the type of workers that the sector needs?
One thing is for sure, planning is better off without politicians. It seems as if a sustainable framework is yet to be put in place or at least acted on. Yes there are cranes all over London and up and down the UK projects nearing completion, but all we see are flats and luxury apartments and many first time buyers will be priced out of the market. For example everyone is excited about the Battersea Power Station regeneration but we see many apartments being bought and only lived in on the weekend by the super-rich, or bought by foreigners and maybe never lived in. This is a worry for London’s economy in general.
What do you think is the best way forward for the development of housing in London? How do you think this will impact the jobs market? Let us know in the comments below or on our twitter @propertyreccomp
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