The planning pipeline for new London homes is at its quietest since 2010 according to research out today, with soaring costs, interest rates and red tape all suppressing housebuilding activity.
Property consultancy CBRE UK, using data from analysts Molior and the Department for Levelling Up, Housing and Communities, said new home applications submitted and granted, as well as construction starts, totalled just 21,918 in the first half of 2023 — the lowest figure seen in 13 years. It also found applications for newbuild homes lodged in the second quarter were just 2061 — the lowest quarterly figure recorded since 2010 when the data was first available.
