LOCAL DEMOCRACY

Housing gain

The General Election and the subsequent mayoral contest bring the opportunity for the 32 boroughs to restore their role in developing social housing and rebalance the London property market, writes Paul Wheeler.

Some interesting statistics about the current London property market have emerged courtesy of Property Vision. Currently there are planning permissions for over 54,000 properties valued at over £1m in central London. However last year only 3,900 properties at that value were actually sold.

You have don't have to be a disciple of Karl Marx, more Adam Smith, to realise there is something wrong with the fundamentals of this property market.

Paul Wheeler

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