LONDON, 6 November, 2017 — New research by JLL Residential uncovers the potential to deliver 180,000 homes in London across a mixture of car parks and small sites.
Analysis reveals there are 868 car parks across the capital within 1 mile of an existing train or tube stations that have the potential to deliver 80,000 new homes – equivalent to an average of 90 homes per car park. Some 400 of these are in the control of local authorities.
The top 10 boroughs in terms of number of potential car parks under local authority control are:
1) LB Bromley – 45 car parks
2) LB Havering – 30 car parks
3) LB Hillingdon – 28 car parks
4) LB Croydon – 27 car parks
5) LB Richmond upon Thames – 26 car parks
6) LB Hounslow – 24 car parks
7) LB Barnet – 23 car parks
8) LB Harrow – 22 car parks
9) LB Ealing – 20 car parks
10) LB Merton – 18 car parks
JLL Residential Research Director, Nick Whitten, comments: “London’s population has risen over the past two decades from 7 million in 1997 to just under 9 million now – an average of around 100,000 new inhabitants per year. That rate of growth is forecast to continue over the next two decades.
“This rapid population growth has been driven by young professionals, students and recent graduates choosing to live close to employment hubs and cultural and entertainment quarters. However, this trend towards urban living has disproportionately put a strain on London’s local authorities to allocate sites for residential development – typically in areas where land is unavailable.
“An OECD study that has modelled the projected use of self-driving cars has predicted that the number of privately-owned cars needed worldwide could reduce by 80% to 90% over the coming decades. If car ownership declines, could that space that is currently devoted to parking become available for other uses.
“JLL’s research suggests car parks could provide a solution. We have identified just under 900 car parks in the Capital that are all within close proximity of existing rail or tube stations which could accommodate up to 80,000 new homes.”
In addition to the car park sites, JLL has identified a further 2,500 small sites across London which are 0.5 hectares or less. These sites are perfect for small to medium sized developers to deliver housing and JLL estimates they could deliver a total of circa 100,000 homes across the Capital.
The latest JLL research supports a UK focused report completed in January that identified car parks across the country could deliver 400,000 new homes.