London needs more houses
(Picture: PA Archive)Sir Nigel Wilson is worried: the Legal & General boss thinks we’re about to make exactly the same mistake we always do.
Hertfordshire will soon produce more entertainment than Hollywood, he says. L&G should know because it is financing the production of a new 32-acre studio site for Sky.
But more studio space requires more housing. Councillors in London and the wider environs won’t play ball.
Everyone in London knows housing is a major problem. Everyone wants to build more houses. But nobody wants those houses in their backyard.
“NIMBYism in London is greater than anywhere else,” Wilson tells me. He accuses councils of a “lack of ambition” when compared to the likes of Sunderland or Manchester.
Wilson is worried we’ll repeat the same mistakes seen in East London, where the failure to build mass market housing during successive regenerations was “the greatest missed opportunity” he says.
London Mayor Sadiq Khan is today renewing his calls for rent controls to help people manage the cost of living crisis. It’s a noble idea but the fundamental issue is one of supply and demand. We need more houses.
The government is committed to “levelling up” the UK, which some in the capital fears means we’ll get left behind. But London needs levelling up too. Here, that would mean building more affordable housing for doctors, nurses, teachers -- perhaps even a humble journalist or two.
Businesses like Legal & General are only too happy to finance these projects, if only they could get the greenlight. London needs bold, ambitious councillors who are ready to approve more affordable housing blocks even if it means transforming the fabric of the city.
“Our message to councillors across London is: can we have a discussion about levelling up?” says Wilson. “We’re solving it elsewhere in the country.”
Who will answer his call?
