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Investment & New Homes
London Property Market 26 May 2015

London needs 'virtuous circle of homes and jobs' to remain world-class

The Chief Executive of London's top house-builders used an industry seminar hosted by Chestertons to call for a 'virtuous circle' of homes and jobs to keep London ahead of growing competition from China and the US and build on the resurgent housing market following the Conservative election victory earlier this month.

Killian Hurley, CEO of Mount Anvil, joined a panel of experts including Jim Pickard, Chief Political Correspondent and former property writer for the Financial Times and Robert Bartlett, Chestertons' Group CEO, at a post-election breakfast briefing at the Royal Academy in Mayfair hosted by leading estate agent Chestertons.

"London is a world-class city, but we didn't get here by luck, and there are plenty of other cities around the globe looking to take that mantle away from us. We are fortunate in that we have an opportunity to create a virtuous circle of homes and jobs, homes and jobs," Mr Hurley said.

"To do this we need three things: a strategic approach to planning; financial incentives to bring land forward for development, and devolution of powers to get big decisions – on infrastructure spending for instance – made in a way that accords with what London as a city really needs."

Mr Bartlett , added: "We're not yet sure how the Conservatives' housing policy will evolve, but markets value stability. Now the property industry as a whole must hold political leaders' feet to the fire to make sure we have enough quality homes for all who need them, or London as a city can never achieve its potential.

"London's Mayor Boris Johnson must work with Prime Minister David Cameron and the Chancellor, pulling out the stops in his final year in office to ensure infrastructure improvements are delivered on time and on budget, and addressing the capital's new homes deficit. Only if we safeguard the supply of new homes will Londoners be able to invest for their futures by buying their own home."

The event also saw Chestertons launch its London housing market report for Spring 2015, which showed demand for new homes remained robust in Q1, and continued to outstrip modestly improved supply. Demand for new-build homes from overseas also remained high.