More than three-quarters of the hoped-for 301,800 homes to be built in London’s opportunity areas are already in the pipeline, according to analysis from EGi London Residential Research.
In central London, the target of 52,800 has already been surpassed, with 54,000 new homes in the pipeline, while in south London, 96% of the total has been met, and in the east, 80%.
In 10 areas the pipeline of new homes already exceeds targets, with Knight Dragon’s commitment to build 15,720 homes on the Greenwich Peninsula meaning the target of 13,500 homes in SE10 is being surpassed by more than 8,000.
While making a significant contribution to the London housing crisis, the ease with which the targets have been met raises questions as to why they were not set at higher densities of homes.
The analysis shows that the number of houses planned in opportunity areas across London averages just five per acre. This drops to two in west London, and in Bexley Riverside and Thamesmead & Abbey Wood to just one.
But while densities are surprisingly low, developers have been quick to take advantage of the new designations. Those that sent in revised planning applications after areas were redesignated have managed to increase the density of their schemes by 40% on average.
Paul Wellman, EGi LRR senior researcher, said: “The Greater London Authority is at risk of missing a golden opportunity to solve part of London’s housing crisis, and should review its totals to ensure the policy pushes the number of new homes being built. The challenge remains after consent is in place, to get homes out of the ground.”
