Noel Meredith, Executive Director of United Trust Bank, comments on the Mayor of London’s draft London Housing Strategy for consultation:
“As a leading provider of development finance to SME house builders, we welcome the proposals set out in the Mayor of London’s draft Housing Strategy for the capital.
“There are thousands of smaller development and redevelopment sites scattered over London which would make perfect projects for SME house builders. The proposal for a presumption in favour of appropriate residential development on small sites in order to simplify the frequently torturous planning process would encourage smaller house builders to seek out opportunities in areas and markets with which they are familiar and to build homes for local people.
“However, the Mayor’s target of 250,000 new homes for London over the next five years could be stilted if some Boroughs continue to seek onerous levels of developer contributions, particularly on sites of less than 10 units. There must be a good incentive for SME developers to take on these often challenging smaller projects which can demand more complex logistical and environmental consideration than larger green field developments.
“United Trust Bank is ready, willing and able to support experienced SME developers with the funding they require to build the thousands of new homes London needs. We therefore hope that Mayor Khan will be successful in encouraging the various planning bodies around the city to join forces with smaller house builders in tackling London’s housing shortage, rather than seeking to place unnecessary obstacles in their paths.”