Official Government figures were recently revealed to detail how many affordable homes were created in the capital in 2017. In total, 6,762 were built, falling far short of the target. City Hall claims that as many as 40,000 would be needed every year to match demand. Although this target was missed, the total delivered is an 18% rise over 2016.
The Borough by Borough figures are quite alarming, showing a big gap in what areas are achieving. In Kensington and Chelsea the figures suggest only 7 affordable homes were built. Merton only fared slightly better with 9.
The local authorities have subsequently come out and said the data is not accurate. A spokesman for Kensington claimed over 100 had been created and £55million in funds had been secured for future projects. A spokeswoman for Merton said 74 units had been created.
According to the figures Tower Hamlets created the most affordable homes in the capital last year. The total is 1,085, putting them far ahead of the second best area neighbouring Newham with 839.
The data shows how difficult some areas find it to create affordable homes. There are plenty of factors at play, including limitations on space and high land values. Both of these could be to blame for local authorities struggling.
Tower Hamlets has been successful where other Boroughs have struggled because of the sheer number of properties in the pipeline. Thousands of new homes are being created in the area and land prices are typically lower than in many other locations. The local authority is also focused on providing genuinely affordable homes for people who want to live locally.
Whether the figures are accurate for every Borough or a little outdated, it seems that a lot more is still required to reach the targets.
Finefair is a team that works closely with a number of investors. We can help them to find tenants and secure their monthly income. We are the best for guaranteed rent Tower Hamlets has to offer as a result.
If you would like our help in this area please get in touch. We can provide information and support to each and every investor.
