In a damning indictment of the government, 86% of the capital’s development industry believes that it is not doing enough to enable London development activity.
243 industry professionals took part in the inaugural London Development Barometer by M3 Consulting, a poll designed to provide a snapshot of industry sentiment from property specialists and decision makers involved in London development activities.
An overwhelming majority of respondents were of the opinion that the government, at both a London and national level, could be doing more. It comes at a time when political oversight of the property industry is under added scrutiny as the shadow of Brexit, austerity and the housing crisis looms at large over the capital.
There were concerns around the future health of the industry, with 57% of the opinion that there will be less development activity over the next five years. A mere 19% predicted a boost in development activity over the same period.
Some findings exposed a clear divide between government and industry priorities, with almost half of respondents signaling the improvement of the town planning process as a first or second ranking priority, whilst traditionally government-backed initiatives such as support for home ownership ranked as the lowest. Funding for local authorities, infrastructure, transport and housing authorities received widespread support, with 43% of respondents ranking it in their top two.