General Election 2017: London's housing shortage set to balloon under either a Tory or Labour government, data reveals

 
Helen Cahill
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Neither party appears to have put forward a plan that will cool London house price rises (Source: Getty)

London's housing shortage will balloon under either a Conservative or Labour government, new figures reveal, suggesting the capital's over-heated housing market is unlikely to cool any time soon.

The Conservative party has back-dated its property targets, and their plans will amount to 1.5m homes being built between 2015 and 2022.

Read more: House prices have fallen for three months for the first time since 2009

The Labour party has pledged to create 1m new homes over the next five years, meaning it will build the same total number as the Conservatives by 2022.

But, figures from property platform Property Partner show that the plans will not plug the housing deficit in London.

Using ONS figures, Property Partner has predicted that despite the housebuilding promises from the Tories and Labour, London's housing shortfall will grow from 139,919 homes this year to 288,623 homes by 2022.

Read more: Uh oh. London records the lowest rate of house price growth for five years

And, by 2029, the capital's housing shortage will sky-rocket to 731,724.


How London's housing will change over the next five years (Source: Property Partner)

Mark Weedon, head of research at Property Partner, said: “As long as the country fails to build enough homes to meet the growing demand of the population, buyers will be forced to continue chasing the market.

“The shortage of housing is a factor which will continue to support prices and prevent many would-be first time buyers from being able to step onto the ladder, even if the political parties' latest pledges on house building are achieved."

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