Can high-rise buildings solve London’s housing problems?
Costs, commuting and culture suggest not
Britain badly needs more homes. In the past two decades its population has grown by nearly 8m; another 2m people will be added by 2030. Many will be drawn to cities, the engine-rooms of the economy. Yet the supply of new housing is not keeping up. London alone needs an estimated 83,000 new homes each year, according to Savills, an estate agent, but is building only half that. The biggest shortfall is at the cheaper end of the housing market—anything costing less than £450 ($560) per square foot, or £4,840 per square metre, to buy. This segment accounts for nearly three-fifths of demand but less than a third of forecast supply in London (see chart).
This article appeared in the Britain section of the print edition under the headline “Vertical limits”
Britain April 15th 2023
From the April 15th 2023 edition
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