Following the publication of the government’s proposed standardised method of calculating housing need, London First looked at how the change would affect housing need calculations in the capital.
Using the new methodology, the analysis suggests that boroughs in zones five-six need to see 19,582 homes built in 2017. However, London First projects that just 17 per cent of these homes (3,477) will be built.
Zones one to four would need to provide 53,776 homes in 2017, according to the standardised methodology, but London First's analysis predicts that actual build out rates will meet only 80 per cent of this (42,534).
Overall, London is projected to complete just 63 per cent of homes the city needs to build in 2017, London First's analysis suggests.
London First said that, based on the outputs of the government's standard housing need formula, the total average annual housing target the capital now requires is 72,000 homes, as opposed to the 49,000 homes a year stated in the current London Plan.