There may be further trouble ahead for London’s housing supply problem. The number of new build starts and the number of new planning applications have dropped like stones during 2016. An already cooling sales market, stamp duty changes and Brexit can all claim part-responsibility.
But apportioning blame will not solve, avert or reverse the inevitable slide in construction activity. The sales market is exhibiting signs of improvement, but progress is likely to be steady with developers exercising caution. The new Prime Minister and the new Mayor of London need to step in, and step in fast..