As most people know, the housing situation in London has deteriorated in recent years. There has been a bigger need of better housing for many people, but properties are not getting built quick enough, forcing many to live in poor quality properties. There is just too large of a demand against the supply in the capital.
Within many boroughs of London, there are efforts to remedy the situation by building newer and efficient apartments and estates that cater for lower to middle income families and property buyers. However, even some new ”affordable” homes are not affordable at all. Many are struggling to even afford to pay for rising rent prices, let alone purchasing a new place to live in. Some boroughs, such as Hackney and Newham, have seen an increase in housing prices. One report mentioned that since 1987, the value of homes in Hackney has risen by 864%. the properties in this particular borough has become more expensive than homes in affluent parts of London, such as Kensington and Chelsea. Now that Hackney is being seen as a more desirable place to live in, it has seen an influx of middle to high income earners, which prompts for more housing to be quickly erected. But the people who are unable to afford living in these better homes are finding themselves being forced to live in poorer quality housing.
Because the capital wants to house people as quickly as possible, less care and consideration is put into the planning and building of these homes. The speed at which these homes are going up may seem impressive for the city today, but it paints a picture of desperation on the part of the government to alleviate pressure in trying to house these people. And as London keeps increasing in house prices and people moving in, the supply versus demand issue is only going to get worse. So what can be done to help?
The government can step in to stop the increase of house pricing as one solution. It may seem like a challenge, but in order to provide an answer to the problem, this may need to be looked at with more scrutiny. They could also help those who are struggling to stay in good quality housing in London, and put more funding into building better homes as well. There are many green spaces in London, so more planning to nurture these spaces has been encouraged by the government whilst also erecting suitable and complimentary housing in these places. The government could urge construction companies to focus on giving people better quality homes for those who can afford it, but they should also assist those who are unable to pay for these properties.
For now, though, there seems to be no end in sight to the situation at hand. We wait with baited breath to see how this problem will be rectified in due time.