New research from The Housing and Finance Institute has uncovered that there has been a sharp fall in house working inside London and that without precedent for a long time, there are more homes being worked in the home provinces than in the capital.
The Institute says this looks like being part of a longer-term trend of London being increasingly outpaced by the rest of the country – and not because of the Brexit vote in June 2016.
- Figures just released showed that around 16,800 new homes were started in London in the year to March 2017. This was down sharply from nearly 23,000 homes the year before.
- By contrast, the Home Counties areas started over 24,300 new homes in the year to March 2017. This was a strong rise on around 21,500 new homes started the year before.
- In addition, England as a whole saw nearly 163,000 homes started in the year to March 2017. This was also a sharp rise on around 143,000 housing starts in the previous year.
- The evidence shows the fall in London housing starts may be part of a longer term trend. Not only are new home starts in London lower now than in 2013, the Institute’s analysis shows that London’s contribution to the total number of new homes across the country has slumped from around 17 per cent to just ten per cent over the last five years.