Wandsworth has become one of the hottest districts in London recently. It has plenty to love, including green space and good connections. It has established itself as “more of a destination”, putting it on the map for plenty of young professionals. This interest means more people are now looking for investment properties in Wandsworth. There is also a lot more demand for rentals.

The situation is good news for investors, but is sadly causing problems too. Many people struggle to find affordable homes. Wandsworth Council had 11,860 households on a waiting list for housing in March 2023. That number is likely much higher now because it is difficult to increase supplies and the population is growing.

What are they doing to improve things?

The Council is currently doing a number of things to address the shortage. Firstly, they have their Homes for Wandsworth plan. Here they are building more council housing on land they own in the borough. As a result, they will create 1,000 new homes.

Secondly, the local authority is introducing landlord licensing. This aims to protect renters in the area, ensuring that landlords have to meet specific standards. The scheme looks to tackle serious issues such as overcrowding and the quality of housing. It ensures landlords can’t take advantage of desperate renters.

Finally, the Council recently announced a proposal to change its Local Plan. The goal here is to increase the amount of affordable housing developers must provide on projects. This could have an impact on investment properties in Wandsworth.

Updating the Local Plan

Wandsworth Council has been active in changing its local plan recently. There was a first draft in 2021 when the Conservative Party had control of the local authority. A revision was done at the start of 2022. This version was adopted in July last year. However, the council has since become Labour. As a result, they are looking at making some crucial changes that will have an impact on projects in the area.

The headline change is the council wants to increase the amount of affordable housing that must be provided on new developments. Currently it is a requirement that 35% of homes be affordable. However, they want to increase this to 50%. They also want to ensure a higher number are available for social rent.

In addition, the council wants a new rule to ensure small developments must provide affordable housing. At the moment, if a development is for less than ten homes there is no requirement to make sure any of them are affordable. They want to make it so developers have to provide some on these projects.

The council is planning to ask locals for their views on the proposal as part of the review. It will give them the chance to share their thoughts and ideas on how to improve affordable housing.

Do you want help with investment properties in Wandsworth?

Finefair Ltd has the skills and knowledge to support investors. We excel at property management, guaranteed rent, and more. Clients can come to us for a bespoke package of services that works for them. It will offer the very best value.

So, if you have any interest in the investment properties in Wandsworth, you should speak to us. Whether it is riverside apartments, houses, or anything else, we can take care of them for you.