Land and Housing Supply: It’s About More Than Just Build out Rates

We have started a new project at CaCHE on housing supply and its discontents in the UK:

Perhaps one of the biggest political and societal challenges of our time is housing supply. Even the UK Government thinks the housing market is broken and our biggest housebuilders say they alone won’t be able to deliver the number of homes necessary to meet policy ambitions. In England, the growing lag between planning approvals and housing completions is given as one explanation for the sluggish speed of housing delivery and is of increasing political and popular interest. Yet, build out rates form only one part of a much more complex set of processes that determine the speed and mode of speculative housing delivery. How housebuilders interact with land markets, make product selection choices and manage construction programmes are also likely to influence supply outcomes. …

It is for these reasons that we have chosen to focus our exemplar project on a systematic review of existing evidence around how the speculative housing supply system currently works and consider the limitations to its current operation. In doing so, we will be able to evaluate whether, and to what extent, the speculative housebuilding industry is able to address new demands in the supply side of the housing market and reflect on how policy solutions brought forward to address housing supply problems have been effective or otherwise. (CaCHE)

To read the details of the project, click here.

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Brexit and the City: Exodus from London?

Brexit is expected to effect many industries in the UK and the finance is on the top of the list. There are various assumptions, predictions and possibilities discussed since the Brexit vote.

Reuters has recently published an analysis on the change in the city related to finance sector in London.

Will Britain’s decision to leave the European Union in 2019 damage one of its most successful industries? Some politicians and economists predict London will lose its pre-eminence as a financial centre after Brexit, although supporters of leaving the EU say Britain will benefit over the long term by being able to set its own rules. Reuters assesses the fortunes of the City through a series of indicators that suggest signs of a slowdown, but no transformative decline. (Reuters)

One of the most important indicator is the jobs in this sector in London. Although it is too early to conclude a complete exit from London. The numbers show a tendency of dropping creation of new financial jobs.

The recruiter found 51,922 new financial services jobs were created in the first seven months of this year, a 10 percent drop compared with the same period last year. This was the lowest number of jobs available since 2012. (Reuters)

(Image Credit: Reuters)

The analysis also shows a decrease in transportation.

The number of people using the underground rail network at Bank and Monument stations in the heart of the City is on course for its first fall since the final year of the global financial crisis, according to Transport for London data. In Canary Wharf — a once defunct docklands now transformed into another hub of global finance in east London — the number of people using the station continues to rise but the pace has slowed.

London City Airport, favoured by executives for flights to European cities and beyond, had a slight increase in passengers in the first six months of this year with recent figures in decline.(Reuters)

(Image Credit: Reuters)

The analysis shows that it is early to conclude a total financexit from London. However, there are strong signs of its decline in near future. All these perhaps up to the results of the Brexit negotiations undertaken currently and their results will determine the finance industry’s condition and its effects on the city itself.