In a previous article we wrote about how the Mayor of London had revised annual house building targets in Boroughs across the capital. Some areas have seen a big increase in the number of homes that are needed to achieve this goal. Merton saw one of the biggest increases after calling for a new target that would be both challenging and achievable.
Before the revision the aim for Merton was to build 411 new homes per year. The new target is more than treble this number at 1,328. In addition the Mayor’s Office would like to see 65% of these homes designated as affordable. In ten years this would amount to 13,280 houses in total and 8,632 affordable ones.
Merton Council is focused on achieving these goals. They recently released an up to date Local Plan that sets out some of the necessary steps to stand a chance of doing so. For example it recommends more land be released for building housing. Increasing the number of blocks of flats being built and the housing density are also covered.
The local authority will also focus on being tougher on developers, challenging them to do more to achieve the affordability goals. As part of this they will be working with the Mayor of London to look at the planning policy.
A local community group responded to the announcement by confirming that new homes are needed but steps need to be taken to protect the character of the area. Most notably they claim work will be needed to preserve the heritage and green space. There was also a call for the council to pursue better designs for buildings.
The new targets could have a big impact on Merton, particularly affecting investors. It will be interesting to see what progress is made and obstacles that arise with developments.
Finefair are renowned for providing the best guaranteed rent Merton has to offer. We have a dedicated team and understand the potential stress that void periods can present with investment properties. By guaranteeing your rental income with us, we take on the responsibility of finding tenants and will pay a set monthly rent amount whether the home is occupied or vacant.
If you would like to work with us please get in touch. We are happy to discuss everything with you.