Do new homes in London provide a better quality of life and are they affordable?

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ACKNOWLEDGEMENT

I would take this opportunity to thank my research supervisor, family and friends for their support and guidance without which this research would not have been possible.

DECLARATION

I, [type your full first names and surname here], declare that the contents of this dissertation/thesis represent my own unaided work, and that the dissertation/thesis has not previously been submitted for academic examination towards any qualification. Furthermore, it represents my own opinions and not necessarily those of the University.

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ABSTRACT

This research examines the concept of affordability with relation housing. The problem of shortage of affordable housing has increased in London significantly. The research identifies the cause of this shortage and it further involves the case of boroughs describing the quality of life. Furthermore, the revised plan presented by Mayor has also been analysed in order to understand the projections being made and the work that is required for overcoming the shortage of affordable housing. The projections state that Mayor plans to increase the number of houses and the rent will be charged at the market price, so that it becomes affordable for lower income people. Furthermore, social housing system will be helping people in acquiring ownerships for their houses which they were not able to even think of a few times back.

TABLE OF CONTENTS

ACKNOWLEDGEMENTII

DECLARATIONIII

ABSTRACTIV

CHAPTER 1: INTRODUCTION1

1.1Arguments and Discussions1

1.2 Research Aim and Objectives3

1.3 Conclusions and Recommendations4

CHAPTER 2: LITERATURE REVIEW5

2.1 UK Government Housing Policy over the years5

2.2 Housing Supply Policies6

2.3 House price and affordability patterns6

2.4 Concept of affordability7

2.5 Partial Ownership8

2.5.1 Property rights8

2.5.2 Debt finance8

2.5.3 Risk8

2.5.4 Subsidy9

2.6 Affordable homes in London10

2.7 Mayor's Provisions of New Homes in London11

2.7.1 Home Ownership11

2.7.2 Rented Housing12

2.8 Problems in New Build Housing12

2.8.1 Land-use planning system12

2.8.2 House-building industry14

2.8.3 Mortgage and interest rate15

CHAPTER 3: METHODOLOGY16

3.1 Overview of Methodology16

3.2 Hypothesis16

3.3 Research Approach17

3.4 Data Collection17

3.5 Limitations of Research18

CHAPTER 4: DISCUSSION AND ANALYSIS19

4.1 Cases Studies19

4.1.1 Havering London Boroughs19

4.1.2 Ely and Haddenham19

4.2 London homes affordable?20

4.3.1 Problems in London- a need for affordable housing22

4.3.1 Need of Affordable Homes24

4.3.2 Housing Affordability24

4.4 Mayors Provision for New homes26

4.4.1 New build homes26

4.4.2 The affordable housing strategy of 2011-201526

4.4.3 Improving Quality27

CHAPTER 5: CONCLUSION28

REFERENCES29

CHAPTER 1: INTRODUCTION

1.1Arguments and Discussions

A report published recently by the mayor of London on the housing shortage in the London has put pressure on boroughs in London to start building new homes to meet the targets of the mayor. Despite the exceptionally challenging economic conditions in recent times, the mayor's plan to deliver 50,000 affordable homes by April 2012 is on course, this will also be a record for a Mayoral term. This period has also seen a substantial increase in new affordable starts, which is a rise of almost 50 per cent compared to last year (A revised London housing strategy). The problem of affordable housing in London in June 2011, revealed that the issue of “affordable housing” (Karn and Wolman, 1992; p.16) was the most pressing matter Londoners wished to see dealt with in terms of improving London as a place to live (The London ...