Published Article

HeadlineLondon needs nearly 100,000 new private homes a year to meet its housing needs

Short HeadlineLondon is falling short of its housing target according to a new study

Standfirst National Residential Landlords Associations report reveals shortage in the supply of rented homes across London.

A new report by the National Residential Landlords Association (NRLA) reveals a stark shortage in the supply of rented homes across London.

The demand for housing in London has increased since 2010 and is expected to rise even higher by 2031.

The number of people privately renting private homes has doubled since 2001.

Private home ownership currently accounts for 19% of homes in the UK.

London’s private housing demand was at around 20,000 between 2010-2020.

To cater to the growing population, the numbers may jump to approximately 85,000 over the next 10 years.

Demand may increase because renting privately is often the first step young people take when they leave home or university.

Housing Shortage

More homes are needed to tackle the housing shortage, according to the NRLA.

They say the housing supply needs to meet the demand of a projected 1.8 million additional households over the next ten years and tackle existing shortages.

NRLA spokesperson Richard Blanco says the government needs “to create an environment where landlords are deterred from investing”.

He also argues that “reform is needed urgently to meet the needs of the capital.”

The NRLA says that the government’s policies introduced in 2016 have negatively affected landlords. Such policies include the withdrawal of mortgage interest rate relief, stamp duty surcharges, and bans on lettings agent fees.

Greater London Assembly member Sem Moema says these demands are not sustainable. She says “‘If young people can’t afford one of the 83,000 homes that are being rented then it’s sort of pointless. The NRLA would do well to focus on affordability rather than supply’”.