One of the main things restricting new house building in London is lack of land. There are very few large plots available that could deliver homes in the numbers that are necessary. Developing smaller sites is therefore the only viable option in many cases. Sadly these projects can be very challenging. Consequently, this can deter large developers from taking them on.
Freeing up smaller pieces of public land
The situation is tricky but the Mayor of London recently revealed a pilot programme for building on small sites. The idea is to encourage more publicly owned land to be freed up and make it easier for smaller developers to secure projects. This could increase the number of homes in the pipeline and boost provisions of affordable housing.
Two sites will be the starting point for the pilot. They are located on Christchurch Road in Lambeth and Cable Street, Tower Hamlets, respectively. Both of them will be community-driven developments. More importantly, they will provide 100% affordable housing.
Affordability targets
These developments will be the first in the programme. Another eight sites have development potential and could follow suit. In total the plans will deliver 111 homes, 68% of which will be affordable. Consequently, this is above the Mayor of London’s target for 50% minimum.
The great thing about the scheme is that the bidding process is simplified and contracts are standardised. As a result it will be easier for smaller developers to take on projects.
A number of people are looking at the options available for property investment Lambeth has to offer. The area is very popular because new homes are in high demand. Projects to develop sites will be well received and the new properties are likely to have many potential buyers.
Finefair can work with clients who are looking at property investment. We have plenty of experience and also currently manage a valuable portfolio of properties. Whatever your property strategy, we are confident we can provide a service.
Contact us if you have any questions.
