London Housing Zones Scheme Set to Boost the Construction Industry in the Capital

Industry Insight June 19th, 2014
London Housing Zones Scheme Set to Boost the Construction Industry in the Capital

Up to 50,000 homes are set to be created across 20 new housing zones in London. If you are a builder asking ‘How do I get more work?’ then this announcement will be music to your ears.

Chancellor George Osborne and London’s Mayor, Boris Johnson, have been behind the housing zones scheme. The scheme is part of an initiative to accelerate housing delivery across the UK, but mainly focused on the capital, in areas with high development potential.

The aim is for local authorities to identify and package together brownfield land which can be used for a housing zone, followed by partnering up with developers to build new residential properties on the land.

The local authorities also must remove unnecessary planning restrictions to speed up construction, which is even better news for the construction industry.

Enfield, in North London, is a prospective new housing zone, with plans to create 5000 new homes on the site, along with new schools, a library and commercial space.

Johnson says, “ “Housing is the biggest challenge facing London’s economic development and these new £400m housing zones will turbo boost housing supply across the capital. This major regeneration will transform communities and provide up to 50,000 much-needed homes. They will support 250,000 Londoners into low-cost homeownership over the next decade.”

This scheme will facilitate contractors’ access to work, as it relies on the construction industry to build houses for the zones.

In a tough economic climate, the housing regeneration project is well-needed to harmonise the supply-demand ratio of affordable housing in London, and to provide employment for the UK’s construction industry.

 

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