This week I chaired the first meeting of the Ealing Development Forum, a quarterly meeting with a range of developers and RPs focused on getting London building again. The insightful Tim Craine set the scene with a fascinating but unavoidably bleak assessment of the London housing market. We then moved on to discussing what needs to happen in order to bring about a London housing market recovery. Points covered - - Cllr Shital Manro explained Ealing Council (London Borough of Ealing) is a pragmatic pro-growth council committed to delivering the homes needed to address homelessness and temporary accommodation pressures - There were a range of views on how long it will take for a full market recovery, from 3yrs to a lifetime! - Many felt only zero percent affordable is all that is currently viable but it was appreciated that is not a realistic new fast-track threshold, around 20% was considered a more realistic replacement threshold level - There were different views on whether residential should have a lower threshold than PBSA and co-live to level the playing field - It was appreciated that the threshold approach doesn't work without Late Stage Reviews(LSR) but there was broad agreement that LSRs require reform to make developments more fundable and they should be done on an open book basis - A large proportion of the 10yr £11.7bn Greater London Authority grant needs to be frontloaded over next 3yrs and £300-325k grant is needed to make social housing viable - SME developers face additional challenges, particularly securing competitive construction costs - Ealing was praised for having recently completed bulk acquisition deals to deliver 400 new affordable homes and more such deals are needed across London given the lack of BTR investment and slowdown in the private sale market Whilst there wasn't a ton of optimism in the room there was a strong recognition that the challenges can only be addressed by working in partnership. Jennifer Peters Emma Osmundsen Alex Jackson Paul Rickard Marcus Bate Angie Hooper Harry de Lotbiniere Nick Cuff Matthew Lamb James Penfold William McKenna Phil Church Helen McManus Michael Keaveney Simon Ryan Declan Higgins Tim Steer
The simple fact is that we are all in the housing crisis together. It affects all of us. Worki f together we can get things done and build great schemes that benefit LB Ealing's community.
Having photographed many huge London projects for many years the issue still seems to be that homes are built on demand and the less 'working' people we have and so many others on low salaries, developers are not selling what are already planned. Until we get growth in the UK we will not get proper salaries. It's no different outside of London. We need to create affordable housing by creating better jobs, not be less quality housing.
Hi Peter - this sounds really interesting & would be keen to hear more about this
A worthwhile and honest conversation. The challenges are well known and taking a proactive approach to delve in to the barriers and find the solutions can only be a good thing.
Really good session Peter. A lot of significant hurdles to overcome but this sort of collaboration is the right way to start tackling them.
An excellent discussion and I would encourage other London Boroughs to repeat the exercise. If we want new homes we must work together to unlock the viability obstacles that hold back delivery. Well done Peter George and team
Great that Ealing are engaging with developers and RPs etc to help solve some of the current problems. I’m a little surprised that 20% for the AH fast track threshold was considered ‘realistic’ as every developer I’ve spoke with recently has said it needs to be maximum 10% in the current market to make any difference. Thanks for sharing Peter George certainly some challenges ahead but great that the stakeholders are talking.
Founder & Director at Molior London
1wA very useful meeting and a refreshing attitude to solving London’s residential development issues.