Sadiq Khan's London ‘is an investment no-go zone' [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
Sir Sadiq Khan is making London a “no-go zone” for investment, housebuilders have warned. The Home Builders Federation (HBF), a trade group, said the Mayor of London's “unrealistic” affordable housing targets were “strangling” attempts to build new homes. In a report on Monday, Neil Jefferson, its chief executive, said Sir Sadiq's development strategy for the capital “effectively made London a no-go zone for housing investment”. The Mayor has set private housebuilders a target of making sure 35pc of homes within each development are affordable , including social and council housing. However, developers say that the target is too high because it is harder to make a profit, with schemes also stalled by delays because of its inflexibility. The complexity of the Mayor's London Plan was also identified as a major barrier because it contains 88 new policies that housebuilders must abide by. The HBF says this bureaucracy has made projects more costly and time-consuming. Mr Jeffe
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