Large developments like the ones near Battersea Power Station have hugely increased the supply of homes, just when demand is at its weakest. They also contain few truly affordable homes.
A toxic mix of Brexit uncertainty and the Council’s development policies have cut Wandsworth house prices 15% over the last year
Wandsworth house prices have fallen by 15% over the last year, from an average of £805,000 to £685,000. This is bad news for both homeowners and renters.
Brexit uncertainty has slowed economic growth, slashed the value of the pound and put pressure on the Treasury to raise interest rates - all of which cut deeply into the ability and willingness of people to pay rents and mortgages.
These factors of course apply across the country but have been exacerbated in Wandsworth by the massive housing developments near Battersea Power Station, Ram Brewery and elsewhere in the borough. They have hugely increased the supply of homes, just when demand is at its weakest.
That these developments contain little truly ‘affordable’ housing and are being marketed largely to overseas investment buyers makes their impact even worse.
“The Tories’ rash promises and terrible negotiation of Brexit have created huge uncertainty, which has been made worse by the recklessness of Wandsworth Council’s planning. This has resulted in homes-for- investors,” says Provence Maydew, local campaigner and Nightingale Ward candidate. “The Lib Dems want homes for local people.”