03 Jun '14, 10am

Soaring land values worsen London's housing shortage, Overseas Property News, Singapore Property...

Soaring land values worsen London's housing shortage, Overseas Property News, Singapore Property...

Looking for a home: London needs 50,000 new homes a year for the next five years and 57 per cent will need to cost no more than £450 a square foot to be affordable to residents, Savills estimated. - PHOTO: BLOOMBERG [LONDON] Land prices are soaring in central London , making it more difficult for developers to supply homes that residents can afford and reducing Mayor Boris Johnson's chances of alleviating the city's housing shortage. Values jumped 25.8 per cent in the year through March, compared with a 13.1 per cent gain in the city's most desirable neighbourhoods, broker Savills plc said in a report yesterday. Housing plots in the capital now cost 27 per cent more than their pre-crash peak in 2007, according to the report. "The strong recovery in the London housing market is leading to competition for a limited pool of suitable opportunities in the land market from a wid...

Full article: http://www.stproperty.sg/articles-property/overseas-prope...

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