London is experiencing a severe decline in affordable housing supply due to soaring inflation, interest rates, and building safety costs. This crisis is forcing housing associations to scale back new construction, leading to a record low in affordable housing starts. The situation has exacerbated homelessness and strained local council resources, as the city spends millions daily on temporary accommodation. The shortage of affordable homes is pushing people into the private rental market, where rents are at an all-time high.
London is heading into the worst downturn in affordable housing supply in decades, as inflation, high interest rates and building safety costs hammer the finances of housing associations. “We had been warning the previous government about a cliff edge coming. We are tumbling down it now,” said Fiona Fletcher-Smith, chair of the G15 group of large London housing associations, the non-profit groups that build and run much of the UK’s affordable housing .
Those two things combined are probably the biggest factors clobbering the finances of housing associations in London,” Jeffwitz said. Fletcher-Smith, who is chief executive of housing association L&Q, said her organisation alone faces hundreds of millions in costs to fix hundreds of tall buildings. Housing associations are struggling to find money to buy the affordable homes that private sector builders are required to include within new developments, which has slowed down these projects.
Affordable Housing London Homelessness Housing Crisis Interest Rates
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