The British Property Federation wants the next London mayor to see the public and private sectors not as competitors but as partners.
Its 10-point Mayoral Manifesto calls for expanded housing zones and speeded-up public land release – policies that rely on co-operation to maximise housing delivery and make schemes viable.
The manifesto also focuses heavily on the role that build to rent has to play in addressing London’s housing crisis. The sector would increase rental numbers in the London plan and affect the allocation of regeneration land.
“The BPF members are committed to delivering more housing and believe that build to rent is an emerging sector that can deliver homes faster than the standard build-to-sell model can,” said Duncan Salvesen, director of investment and development company Dorrington and chair of the BPF residential committee.
Investors with billions of pounds ready to put into the build-to-rent market have been worried by candidates’ comments favouring rent caps and blanket regulations.
The BPF Mayoral Manifesto
• Speed up public land release: a quarter of London land is publicly owned, and 321,277 acres of this are unused. A land release strategy is needed, with a quarter targeted at build to rent.
• 7,500 build-to-rent homes a year: Boris Johnson called for 5,000 rental homes a year. This number should rise, and the mayor must work with the boroughs to ensure adequate planning in strategic market assessments.
• Get in the zone: £400m was made available for 50,000 homes in the first 20 housing zones. Ten more will soon follow. Policy focused on specific locations, with private sector participation in a LA bid, must continue.
• Build-to-rent opportunity areas to encourage regeneration: the new mayor should identify 20 specific build-to-rent opportunity areas.
• Don’t demonise foreign investment: London is a global city that benefits enormously from overseas investment. The rhetoric surrounding “foreign” investors needs cooling off.
• Affordability: discounted market rent should continue to be used to allocate affordable commitments in new rental schemes.
• Standards: poor standards in the PRS must be targeted proportionately, stopping the minority criminal element without burdening others.
• No powers to intervene on rents: mayoral rental controls would lead to less investment through uncertainty and putting politics before economics.
• Greater fiscal autonomy: mayors should be allowed to borrow against future tax receipts to provide infrastructure earlier.
• Investment in infrastructure: projects in the £1.3tn infrastructure plan must be prioritised, which will help to boost housing delivery.
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