X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LONDON-Chancellor Gordon Brown has bowed to pressure from business to help take some of the steam out of the overheated housing market in London and the south of England. In his comprehensive spending review he announced changes in theplanning system to ease the shortage of new homes, help for the provision oflow cost housing and housing for key workers, as well as extra money forneighbourhood renewal.

The move received a cautious welcome from the RICS. RICS Housing Policy Panel Chairman, Michael Newey, said: “The lack of a clear regional housing policy has led to a major shortfall in housing, especially in London and the South East, with a knock-on effect on house prices. The proposed new regional bodies designed to bring together planning and housing investment could help ease that shortfall and increase the supply of new homes, which is at its lowest since 1924.  But any extra spending has to be carefully targeted and properlymanaged if the problem of lack of low cost housing in high demand areas isto be met.”

London Mayor Ken Livingstone was more effusive. He said the announcement was “a ‘vital boost for London’s public services, economic competitiveness and the quality of life of all Londoners.” And he added: “The extra £1.1 billion ($1.7 billion) announced for investment in housing should provide the resources needed to achieve my draft London Plan target that 50% of all new homes in London should be affordable.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.