Mayor of London Boris Johnson has urged housebuilders to “get on with it”, adding that he had identified 18 brownfield sites that could accommodate 800,000 homes.
“My message to developers who are sitting on their hands is that they need to get on with it”, Mr Johnson told the Chartered Institute of Housing’s annual Presidential Dinner in London.
He contined that London faced a housing crisis “on a scale that is not yet properly understood”, that demand could be met with current land stock, and that a stable funding stream was needed from Stamp Duty receipts.
The Greater London Authority built just 425 houses in the half-year from April 2012 to September 2012, just seven per cent of the three-year average.
“We have the housing associations wanting to build more… we have 18,000 consents for homes that are not being built out…. and we have pension funds willing to pile in.”
The Mayor told the audience at the Natural History Museum in London that the Greater London Authority had 600 hectares of land to develop.
“We have the land – we could build 80 per cent of the homes required in the 18 brownfield opportunity areas that have already been identified around London.”
But he said London needed control over its £1.3bn in stamp duty receipts due to “the hordes of well-heeled international investors in London property who have collectively pushed prices so high that millions of Londoners can’t afford housing.”
“Housing is infrastructure – and like any other vital infrastructure it needs long-term vision and investment.”