66% of Bexley is Built on ... Building Plot Dilemma or Not?

Well, the fallout from the recent budget is ongoing.  I was chatting to a couple of movers and shakers from the Bexley area the other day when one said, “There isn’t enough land to build all these 300,000 houses Philip Hammond wants to build each year”. If you read the Daily Mail, you would be forgiven for thinking the country was at bursting point ... or is it?

60 years ago, the first satellite, Sputnik, was launched. All the superpowers have used them to take high definition pictures of each other for decades, but now satellites and their high-powered cameras are being used for more peaceful purposes. The European Environment Agency (EEA) has been taking high definition pictures of the UK from outer space to give us a focused picture of what every corner of the country really looks like, and the findings will come as a surprise.

As my blog readers know, I always like to ask the important questions relating to the Bexley property market. If you are a Bexley landlord or Bexley homeowner, this knowledge will enable you to make a more considered opinion on your direction and future in the Bexley property market. Like every aspect of all economic life, it’s all about supply and demand. Over the last twenty or so years, there has been an imbalance in the British (and Bexley) housing market, with demand outstripping supply. This means that the average value of a property in Bexley has risen by 421.69%, taking an average value from £65,000 in 1995 to £339,100 today.

Using the information from the EEA and data crunched by Sheffield University with their Corine-Land Cover project, I posed a few questions about the local area:

1. What proportion of the whole of Bexley is built on?

The answer is 65.89%. That surprised you, didn’t it? In the study, land classified as ‘urban fabric’ is defined as land on which between 50% and 100% of the land surface is built on (meaning up to a half might be gardens or small parks, but the majority is built on).

2. How much land is intensively built on locally?

Of the amount mentioned above, how much is high-density urban fabric (i.e. where 80% to 100% is built on, still leaving 20% for gardens)? The answer is 1.34%. Again, I bet that surprised you!

3. So how is the land used locally?

·         Industry  =                         7.58%

·         Pastures  =                         9.96%

·         Green Urban Areas  =   12.35%

The rest is composed of various other minor types such as forests and roads, etc.

Bexley and the surrounding areas are greener than you think! In fact, I read that property covers less of the UK than the land revealed when the tide goes out. The assumption that vast bands of land have been concreted over doesn't stand up to inspection (although, the effect of housing undoubtedly spreads beyond its actual footprint, in terms of noise, pollution, and roads). Now, I am not suggesting we concrete over every inch of the locality, but the country is growing at a quicker rate than the households we are building. I appreciate that the emotional effect of housing is greater than other land use types, because most of us spend the vast majority of our time surrounded by it. As Brits, we live driving along roads, walking on footpaths, and working and living in buildings. As a result, we tend to considerably overestimate how much of it there is. In fact, I was flying home recently from a short break abroad when I looked down and was reminded just how green Britain actually is!

Bexley people and the local authorities are going to have to put their weight into building more homes. There is going to have to be some give and take on both sides, or house prices will continue to rise exponentially and Bexley youngsters won’t be able to buy their own Bexley homes, meaning that Bexley rents and demand for private rented accommodation in Bexley can (and will) also grow exponentially.