Homebuilders in London are increasingly postponing the start of construction projects even after securing planning approvals, as weakening demand disrupts the momentum needed to meet national housing targets. Data from Knight Frank, based on an analysis of around 700 developments with at least 100 private homes each, shows that the median delay between receiving full planning permission and beginning work reached 16.3 weeks last year. This marks a 31% increase from 2023 and more than doubles the timeline observed in 2018, highlighting growing caution among developers amid uncertain market conditions.
— news from Bloomberg.com
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London Homebuilders Putting Off Projects for Longer on Slump
London builders are taking longer to start home constructions after receiving permits, as a slump in demand threatens to derail the government’s plan to build 1.5 million homes. n nThe median time taken for a housing project to kick off after getting full planning permission rose to a record 16.3 weeks last year, according to an analysis of about 700 sites of at least 100 private homes in London by broker Knight Frank. That’s 31% longer than in 2023 and is up by more than 80% compared with 2018.