ASI paper "A Garden of One's Own" featured by Bloomberg Business and IBTimes UK
New ASI report A Garden of One's Own: Suggestions for development in the metropolitan Green Belt has been featured by Bloomberg Business and the IBTimes UK. From Bloomberg Business:
Soaring demand means London and its surrounding counties will need at least one million new homes in the next 10 years to meet demand and prevent values and rentals from spiraling higher, the Adam Smith Institute research group said in a report on Friday.
Building on less than 4 percent of the city’s Green Belt, the spaces around the city where development is limited, would provide the homes needed, the report said. Almost all of the homes could be provided within 800 meters of a commuter train station, it said.
From the IBTimes UK:
Build on the green belt around London to end the housing crisis and take the heat out of rising rents and house prices, argues a new report from the Adam Smith Institute, a free market think tank.
House building in London is running at around half the level needed to meet demand as the city's population grows ever nearer to 10 million. House prices and rents have spiked because there are not enough homes. The average London house price is £531,000, says the ONS. For England, the average is £300,000, including London. Rents in the capital are up by over a fifth since 2011, well ahead of wages.
The new ASI report, “A Garden of One’s Own: Suggestions for development in the metropolitan Green Belt“, seeks to provide location-specific examples of land under green belt protection which, if built over, would provide enough housing to solve the current crisis and meet all additional housing need until 2030.