London squeezed as building shortfall prolongs housing crisis

DESPITE more residential building, property consultancy Knight Frank expects household growth to outstrip new builds dramatically over the next decade.

The London Development report, released yesterday, notes that the Department for Communities and Local Government projects an extra 525,790 households being created in the capital between 2011 and 2021.

Despite more house building, Knight Frank only expects 277,240 new units to be created in that time, adding to the city’s shortfall.

The report suggested that the new build pipeline between 2013 and 2022 would be worth £80bn.

With 1,970 units expected to be supplied annually for the next nine years, demand for 4,186 units would be missed by a wide margin.

Some boroughs are likely to supply much more housing than others: Greenwich alone is forecast to make up at least 10 per cent of London’s new supply to 2022.