Property developers in London have received permission from local councils to build over 26,000 luxury flats. The upcoming properties are set to be priced at over £1m each, despite current objections. People already believe that there are too many ‘posh ghost towers’ or expensive flats that aren’t fully occupied.
Currently, builders are constructing the new towers which will contain 7,749 flats which are priced between £1m and £10m. Permission has also been granted for another 18,712 apartments and townhouses; all of which are expected to be high-end. The new, luxury apartments are also set to include private cinemas, gyms, swimming pools and concierge facilities.
The sudden increase in high-end property developments has faced significant criticism. Politicians and housing campaigners have remarked that councils are prioritising the wealthy over hard-working, young Londoners. The capital faces a crisis in the availability of affordable housing and whilst luxury properties are being built, nurses, police officers and other essential workers are struggling to get on the property ladder.
According to the government’s English Housing Survey, one fifth of hopeful first-time buyers chose to live with their parents to save money, with a quarter of them remaining there for at least five years to gain enough income for a deposit alone. Between 1996 and 2016, the number of first-time buyers relying on their families for their deposit has increased from 22% to 29%.
The extent of the housing crisis is extremely apparent in London. The new, luxury developments are certainly not what most of the public want or need. These expensive homes are simply too far out of reach for much of the general public, who are in desperate need of affordable housing within their price range.
With homelessness on the rise and in the wake of the Grenfell travesty, it is understandable why the inhabitants of London are angry with new building plans. Only 6,423 affordable homes were built in the capital during 2016-2017. Compared to the amount of luxury homes that are planned to be built, it’s clear that local councils haven’t fully prioritised the needs of the people in the local areas.
