Taylor Wimpey CEO: London housing viability is 'fundamentally broken'
- Reports
- 3
- Developments
- 1
- Repetition
- 67%
New informationRepeats or wire copies
What happened
Taylor Wimpey chief Jennie Daly stated that the economics of building homes in London have become too challenging to justify the risks involved. She argued that baseline viability is
From aol.co.uk
Why it matters
The comments come as City Hall increases pressure on boroughs to approve more housing developments amid a deepening housing crisis. This withdrawal of new schemes from a major housebuilder adds to the existing planning delays in London. The challenges cited, including new regulations like the requirement for a second staircase on towers over 18 metres, increase development costs.
London is currently experiencing the worst planning delays for housing, leading to comparisons with the planning processes in Manchester.
From aol.co.uk
Who's involved
- Taylor WimpeyHousebuilding company that announced it will halt new housing launches in London.
- Greater London AuthorityGovernance body whose viability review process was criticized.
- LondonThe capital where housing development is facing significant delays and cost challenges.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- Taylor WimpeySpeculative
Taylor Wimpey might face operational constraints due to high costs and viability review failures.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- London's viability review may curb profitability for LendleaseLondon's viability review process may reduce profitability for major developers like LendleasePossible
- Daly's criticism of viability review process may challenge Khan's housing targetsDaly's criticism of viability review process may challenge Khan's housing targetsPossible
Keep exploring
The entities involved
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Greater London Authority
devolved regional governance body of Greater London
Nothing else this week.
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London
capital and largest city of England and the United Kingdom