Across London there is a shortage of affordable housing. High demand, shortage of land, as well as interest from overseas is pushing prices up, making properties less obtainable. The issue is becoming serious and is forcing people in positions of authority to intervene.
In January Kensington and Chelsea Council refused to grant planning permission for the redevelopment of Newcombe House in Notting Hill Gate. The plan would have created homes and office space as well as new local amenities such as a doctor’s surgery. The local authority was critical of the height of some of the new buildings. The tallest of these would be 17 storeys where the current building is only 12. The additional height has caused some concerns.
Missed housing targets
At the end of March the Mayor of London directly intervened in the project. As a result planners from the Mayor’s office will now take a closer look at the project to see if it can improve and gain permission. Importantly the pros of the project will be weighed against the cons. For example the creation of new amenities for the community will be a big positive. On the other hand the amount of affordable housing is a concern.
The Mayor of London also expressed concerns that the Borough of Kensington and Chelsea continued to miss housing targets. For example, between 2013/14 and 16/17 they only built 34% of the target of 986. Re-evaluating Newcombe House could go some way towards increasing the amount of affordable homes in the area.
Finefair keeps a close eye on redevelopment projects that create new homes and amenities in good areas. These can offer excellent investment potential. We can assist clients who are looking to put their money into these kinds of properties.
The thing that really makes our service stand out is we offer guaranteed rent Kensington and Chelsea investors rate highly. We can offer assurances on rental incomes for a set period of time, taking the stress away from the investor. It is an option worth considering.
If you would like further advice about guaranteed rent please contact us.