London ¡®failing to deliver¡¯ affordable student accommodation

London mayor Sadiq Khan¡¯s housing plan for 바카라사이트 capital has failed to deliver enough affordable student accommodation, according to a new report.

The London Plan was unveiled in 2021 as 바카라사이트 Labour mayor¡¯s landmark development strategy for how 바카라사이트 city would develop over 바카라사이트 next 20 to 25 years. But research by real estate firm CBRE and QX Global consultants suggests that it has failed to stimulate 바카라사이트?building of much-needed affordable Purpose Built Student Accommodation?(PBSA) in London.

In a city with more than 400,000 full-time students, 바카라사이트 analysis found that?only 3,100 affordable beds have secured planning consent since 바카라사이트 plan was launched.

According to 바카라사이트 research, 바카라사이트 gap between demand for PBSA and available supply in London is so large that about 105,000 students are faced with an accommodation shortage.

As no PBSA beds with planning permission gained under 바카라사이트 plan are yet operational, 바카라사이트 firms claim that 바카라사이트 delivery of affordable PBSA is being stifled by development viability and 바카라사이트 complexity of 바카라사이트 planning system.

Kirsten Dyer, director of living valuation and advisory at CBRE, said that delivery of PBSA is far below 바카라사이트 levels required to support London¡¯s domestic and international student body.

¡°The target of 3,500 rooms per annum is not being met, not enough universities are engaged in 바카라사이트 issue, and a restricted group of developers dominate 바카라사이트 market because of 바카라사이트 challenges 바카라사이트 London Plan now presents,¡± she added.

Mr Khan, who was?recently elected for an unprecedented third term as mayor,?set out in his strategy that rents for affordable rooms should not exceed 55 per cent of 바카라사이트 maximum London maintenance loan, which is around ?188 per week over 38 weeks.

However, 바카라사이트 report found that?median weekly rent for an en-suite bed in a PBSA in zone 1 for 2023-24 is ?398, or ?275 in zone 4.

David Tymms, a strategic adviser at QX Global Group, said 바카라사이트 complex planning process has driven many developers out of 바카라사이트 market, leaving only?바카라사이트 largest universities.

¡°With just 3,100 affordable rooms consented to date and a tightening HMO [houses in multiple occupation] environment, 바카라사이트 prospects for lower-income background students seeking to study in 바카라사이트 capital look set to remain bleak for some time to come,¡± he added.

Mr Tymms said 바카라사이트 capital will remain a ¡°challenging environment¡± for developers, universities and students for some time.

A mayoral spokeswoman said that Mr Khan ¡°continues to campaign to make housing more affordable in 바카라사이트 capital¡±.

¡°Students are often some of those at 바카라사이트 sharp end of a national cost-of living crisis and through his London Plan, Sadiq backs discounted affordable student accommodation in new developments which cap rents at levels linked to students¡¯ maintenance loans for living costs. In 2021 and 2022 바카라사이트 mayor approved 바카라사이트 most affordable student accommodation in a decade, supporting 바카라사이트 need for more student homes in 바카라사이트 city,¡± she said.

patrick.jack@ws-2000.com