London is in the midst of a housing crisis, where housing is undersupplied, overly expensive and often of inadequate quality. The city’s population of nearly 9 million in 2019, is expected to grow to over 11 million by 2050. Whilst this generates a growing demand for housing, net additional dwellings decreased by 20% in 2018. House prices have now risen to an average of £470,000, and buyers are faced with an average house price to earnings ratio of 13:1. This situation has resulted from, and helped sustain, a flourishing real estate industry. However, faced with political and economic turbulence around Brexit, a devalued sterling over the last three years and growing pressure on development costs around land and viability, London’s housing market is facing a new set of challenges, many of which are evident in narratives around how to fund residential real estate development.
Ann-Marie Webb, Callum Ward, Claire Colomb, Dan Durrant, Danielle Sanderson, Iqbal Hamiduddin, Jessica Ferm, Mike Raco (project lead), Nicola Livingstone, Paul Moawad and Sonia Freire Trigo