The Mayor of London recently set out new housing targets for outer Boroughs in London. The aim is to create in excess of 250,000 homes between now and 2029. In many areas this is double the current target.
In order to promote more building some rules will be relaxed in the 13 suburban Boroughs, including Barnet. Most importantly a rule that prohibits development on the grounds of preserving the character of an area will be removed in areas within 800 metres of town centres and transport hubs. These are locations where more dense housing is required.
In addition more infill developments will be allowed. This will include building in gardens and on small sites such as vacant lots. Projects like this will be more likely to gain permission in the future, particularly if they don’t result in a new loss of green space.
The move could encourage more smaller developers to take on projects, especially small sites that they will find more affordable to develop. With fewer restrictions these projects could become more viable in terms of cost, resulting in the creation of more new homes.
Targeting the outer Boroughs in London is a natural response by the Mayor of London because these areas typically have more available landmass. Surprisingly though, in the first six months of this year only 8% of new housing was in these areas according to London First. This imbalance needs addressing.
Another interesting strategy is to create a new generation of prefabricated homes. These could be placed on sites awaiting long term development, providing a great temporary solution. With vast improvements in the construction sector there would be far more prefabrication options available.
Finefair is one of the very best teams for property management Barnet has to offer. The new housing targets could have a big impact on the area, leading to an increase in residents and increasing home density. As a result the communities could become more dynamic and new businesses could also be attracted to areas.
If you are an investor with a property in the area we can offer a full management service for you. Alternatively, if you are considering investing we can provide support. Contact us today to find out more.