ADDRESSING THE HOUSING SUPPLY CRISIS IN LONDON
ADDRESSING THE HOUSING SUPPLY CRISIS IN LONDON
Cities in various parts of the world are facing the challenge of providing sufficient homes to meet the demands of growing urban populations. Over the last decade, the housing stock in London was increased greatly as compared to other cities such as New York and Paris, both of which also had lower rates of population growth. Nevertheless, London's housing stock grew as at a much slower rate than Tokyo, which increased by approximately 2% per annum. The main aim of the research is to address the housing supply crisis which is witnessed in London. Hence This dissertation is well crafted to enable one be able to understand the concept of housing demand in London and England as a whole. The findings of this research will be of great significance to the various parties who offer housing facilities to the Londoners as they will be able to understand the housing demand patterns. Housing being one of the greatest contributors to the growth of the economy of any city such as London, the research will be able to enlighten people on how the housing plays a very significant role in the growth of the economy of London. The findings of this dissertation can also help to come up with suggestions on how this challenges of housing affordability in London can be solved.
Table of Contents TOC \o "1-3" \h \z \u Abstract PAGEREF _Toc521348996 \h 1CHAPTER 1: INTRODUCTIONIntroduction PAGEREF _Toc521348998 \h 3Research questions PAGEREF _Toc521348999 \h 4Aims and objectives of research PAGEREF _Toc521349000 \h 4The significance of the research PAGEREF _Toc521349001 \h 5Dissertation Structure PAGEREF _Toc521349002 \h 5CHAPTER 2: LITERATURE REVIEW2.1 Housing a global challenge PAGEREF _Toc521349004 \h 72.2 London’ housing submarkets PAGEREF _Toc521349005 \h 82.3 London’s affordability crisis PAGEREF _Toc521349006 \h 92.4 Demand for affordable housing PAGEREF _Toc521349007 \h 132.5 London’s Housing shortage PAGEREF _Toc521349008 \h 162.6 Affordability of Housing in London Salary ratios to House prices PAGEREF _Toc521349009 \h 162. 7 London’s Housing Strategy PAGEREF _Toc521349010 \h 172.8 Government’s Housing Policy PAGEREF _Toc521349011 \h 182.9 Rental price to the salary ratios PAGEREF _Toc521349012 \h 192.10 New affordable Housing provision PAGEREF _Toc521349013 \h 192.11 Allocation and homelessness PAGEREF _Toc521349014 \h 192.12 Changes to the social tenancies PAGEREF _Toc521349015 \h 202.13 Case studies PAGEREF _Toc521349016 \h 21Ebenezer Howard and the Garden City PAGEREF _Toc521349017 \h 21New Towns and its Planning PAGEREF _Toc521349018 \h 24Milton Keynes PAGEREF _Toc521349019 \h 27Chapter summary PAGEREF _Toc521349020 \h 28CHAPTER 3: RESEARCH METHODOLOGY3.1 Introduction PAGEREF _Toc521349022 \h 293.2 Secondary sources PAGEREF _Toc521349023 \h 303.3 Case studies PAGEREF _Toc521349024 \h 323.4 Rationale for research methodology PAGEREF _Toc521349025 \h 34CHAPTER 4: FINDINGS AND DISCUSSIONS PAGEREF _Toc521349026 \h 34CHAPTER 5: CONCLUSION PAGEREF _Toc521349027 \h 36
CHAPTER 1: INTRODUCTION
London’s economy is booming; its population is increasing, and by numerous measures, it is the greatest city in the world. However, with the remarkable success that has been achieved in London comes Challenges, one of the chief challenges is the huge rapid shortfall of the housing that most Londoners can affordCITATION Jam18 \p 435 \l 1033 (Rosbrook-Thompson, 2018, p. 435). In addressing this challenge, it is important to ensure that the continued growth of London is retained as the pre-eminent global city. Solving this challenges will not be achieved quickly and easily as it is a structural challenge that London faces. It needs a long-term plan, which will spread over a number of economic cycles, spending rounds and mayoral terms. Solving this also need a cross-party consensus on the significance of investing in housing, because there is to a greater degree in other critical sectors of provision such as education and healthCITATION Gre15 \p 173 \l 1033 (Library, 2015, p. 173).
The shortage of housing escalates the rents and prices up, and there can be no doubts that London is experiencing some affordability crisis. In most cases, those in acute need are affected most, whether overcrowded or homeless. The rise in the cost of housing is also hitting the working household on middle and low incomes. The economic case for offering enough housing for those on modest incomes, who are the key drivers of the economy of London and hence the national economy. If these important workers cannot be able to afford the housing facility in the city, the impact will not only be felt in London but on the nation’s economy and competitivenessCITATION Mat10 \p 291 \l 1033 (Taunton, 2010, p. 291).
High-quality housing is fundamental for the city to function effectively. Sufficient housing is very essential for the economic growth. Economic growth will be stunted without necessary investments in suitable housing for London’s workforce. London has greatly benefited from the major improvements that have been done on its infrastructure. A home is an essential infrastructure for the achievement of a decent life; it is a basic need just like clothing and food. Modern society would not accept that human beings managed to survive without these basic nutritional wants so why there is a need to put up with the shortage or stark inequality of housing in LondonCITATION Sus13 \p 562 \l 1033 (Beattie, 2013, p. 562).
1.2 Research questions
The research will answer the following questions
1 Why is housing a great challenge to many cities globally?
2 Why is there housing affordability in London?
3 Why is there an acute housing need in London?
4 How can the housing affordability crisis in London address?
5 What role does the housing play in the economy of London and England as a whole?
6 What role did the Greenfield 1944 play to control the growth of London?
1.3 Aims and objectives of the research
The main aim of the research is to address the housing supply crisis which is witnessed in London. Specific objectives were set to assist in achieving the main aim of the research, and they include:
To understand the reasons behind the acute housing demand in London
To understand the role, the Greenfield 1944 played in control the growth of London
To evaluate the housing demand in London
To understand the housing challenges various cities, face such as New York and Paris
To evaluate the role which housing plays in the growth of the economy of London.
1.4 The significance of the research
This dissertation is well crafted to enable one to be able to understand the concept of housing demand in London and England as a whole. The findings of this research will be of great significance to the various parties who offer housing facilities to the Londoners as they will be able to understand the housing demand patterns. Housing being one of the greatest contributors to the growth of the economy of any city such as London, the research will be able to enlighten people on how the housing plays a very significant role in the growth of the economy of London. The findings of this dissertation can also help to come up with suggestions on how this challenges of housing affordability in London can be solved.
1.5 Dissertation Structure
The dissertation is structured into six chapters.
Chapter 1 which serves as the introductory chapter and encompasses such sub-chapters among them introducing asset management plans, research statement, aim objectives, research questions, the rationale of the study and research hypothesis
Chapter 2 is the Literature Review chapter. In this chapter, precedent findings related to the same topic being studied into details with critics and acknowledgements made where they are most relevant. This chapter is divided into numerous sub-topics among them an elaborate literature review in addressing the housing supply crisis in London
Chapter 3 is the Research Methodology chapter, and the chapter defines the approach that will be adopted to achieve the research aims and objectives.
Chapter 4: Results of the findings of the study. In this chapter, the various results will be demonstrated using the various techniques that are used in the representation of results. Depending on the research methodology used, the result will either be in tabular, diagram, graphical or even modulation findings. This would be influenced by the nature of the data collection techniques adopted.
Chapter 5 is about the Discussions and Recommendations. The discussions are in line with the results that are determined in chapter 4. Each of the results will be discussed conclusively, and any shortcomings in the process of establishing the findings of the study noted as the limiting factors that may reduce the accuracy or otherwise the reliability of the results. It is in this chapter that insights into the new establishments as an improvement on the weaknesses of the literature review are discussed and extensively explored.
Chapter 6: Conclusion. This is a chapter that gives a brief summary of the findings in the thesis as a whole. It is in this chapter that recommendations for further work can as well be made should there be a need.
Chapter 7: contains all the materials that were reviewed and sources where the information in this dissertation was obtained from.
The population of London has reached a new level after it grew by 135,000 between 2014 and 2015. Currently, there are more homes in London than households, in contracting to the early twentieth century, but the number of rooms per person fell between 2001 and 2011.the first time that happens in the past centuryCITATION Ann17 \p 547 \l 1033 (Minton, 2017, p. 547).
Private renting still remains to be t...