Boris Johnson’s Housing Bank Set to Fall 90% Short of Target
- Just 270 homes out of 3,000 target due for completion in 2018
- Rental restrictions limiting demand for the finance: analyst
A construction worker lays bricks at a Persimmon Plc residential property construction site in Cranfield, U.K., on Tuesday, Jan. 6, 2016. The average price of a home rose 0.8 percent to 196,999 pounds ($292,100) from November, the most since April, Nationwide Building Society said in a statement released at the end of December.
Photographer: Simon Dawson/BloombergA housing bank set up by former Mayor of London Boris Johnson to speed up the development of 3,000 homes in the U.K. capital by 2018 is set to deliver just 9 percent of its target.
Just 270 homes are due to be completed by March of next year via a single project in the Ealing borough, according to data compiled by the mayor’s office. To date, the bank has loaned 10.5 percent of the 200 million pounds ($250 million) of credit set aside to help construct houses and apartments.