Housing shortage problem could be eased by converting garages in London

February 1, 2017 by Brendan O'Neill

Property Market

According to Property Partner, a property crowdfunding company, the housing shortage in London could be eased if local councils released their garages for redevelopment.

Research by Property Partner discovered that over 53,000 lock up garages are owned by 24 of the 32 local councils. However, 41% are either in a state of disrepair, or are lying empty. The study also found that if every one of the garages owned by local councils in London was converted, there would sufficient space to build around 16,000 one bedroomed apartments. If apartment blocks with four levels were built on those garage plots, the number of available flats could soar to 64,000.

The London Assembly has stated that between 49,000 and 80,000 new properties are required each year to cope with the demands of a booming population during the next 10 years. However, less than half of the annual requirement is being delivered. Garage conversions could provide affordable homes for those who want to get onto the property ladder.

According to experts, the garage conversions would be subject to approval by the building regulations, although full planning permission isn’t always required. The agent, JLL, also added that car parks across the country could be redeveloped to build new homes. JLL stated that 10,500 car parks across the country could be converted to build 400,000 new homes.

Mortgage advisers study on a CeMAP course to learn about the various types of home available, which includes unusual home conversions.