New London home applications hit 13-year low

According to research by CBRE UK, new London home applications and construction starts in the first half of 2023 totalled just 21,918, the lowest figure in 13 years. It also found applications for new build homes lodged in the second quarter were just 2061 - the lowest quarterly figure recorded since 2010 when the data was first available. If the trend continues, the market could end the year with applications for approximately 11,800 homes, 47% below the previous trough in 2010. Julien Mills, the firm's head of new homes, said: “Planning regulations, inflated construction costs, the cost of debt, and buyer affordability on borrowing and purchase taxation have all influenced the new homes development and second-hand market places recently. However, we need to continue to build more homes to address the supply-demand imbalance that exists in London".

Evening Standard (11/09/2023)