With house prices far outstripping the average income, the London Councils’ report has committed to making housing more affordable, ensuring all Londoners can achieve a home they deserve.
Along with house building, which was central to its plans, London Councils intended to explore such tactics as raising the Stamp Duty threshold for first-time buyers (FTBs) and developing mixed and sustainable communities. However, it called for local authorities to have greater freedoms to address the issues.
It added that the current social housing model was not efficient and revamped allocation standards were needed to identify those who benefit most from social housing. Currently, just over half of all social renting working age households in London are not in work.
Jamie Carswell, executive member for housing councillor for London Councils, said: “It is London Councils’ conviction that homes for Londoners should be about aspiration, about opportunity and about security. These principles underpin our vision and we will be revealing more detailed proposals later this year.”
However, research from Notting Hill Home Ownership has shown that people do not understand the realities of what it takes to buy a property. The research showed many would struggle to raise over £100,000, yet 63 per cent believed they would be on the ladder in two to three years.
Roy New, a London-based sole broker, commented: “The councils need to get their own act together. There are something like 80,000 social houses lying empty, because the councils are not looking after them. I don’t think councils can help FTBs; what FTBs need is a bigger deposit. It’s about educating buyers.”
