In December it was revealed that property prices in the London Borough of Havering had seen the highest jump of any area in the capital in 2016. This saw values soaring by over £40,000 due to the high demand for homes. The rise pushed the average price for a home in the area to £392,000.
The rise in prices comes due to huge levels of demand and limitations on supply. The Council is looking for solutions for the latter so that more homes can be built in the area. One of these plans is to make land available for development. Several sites have already been earmarked for this.
In addition there is an idea in the pipeline to redevelop the council owned garages in Havering. There are 2,054 of these and a huge 72% of them are said to be in a state of disrepair or stand empty. The total amount of land they take up is an impressive 308,100 square metres.
The land the garages sit on is underused and underdeveloped. The structures are generally located on housing estates and are designed to be used by the residents of the properties. Sadly many of them don’t want or need to take up the option, leaving the garages unused.
By freeing the land up for regeneration it is believed there would be space to create as many as 618 new one bedroom flats. These could be made available for people looking to purchase as well as for council leasing in Havering. Both would be appreciated.
Havering Council would definitely be wise to consider the merits of the plan alongside looking to make other sites available for development. The popularity of the area is set to continue this year and beyond so demand and prices are expected to rise even more. If solutions are not found to increase supply it could result in a number of problems.