Property giants call for London Mayor to protect business districts

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The trade bodies representing property giants from the FTSE 100 has launched a manifesto for the next Mayor of London to drive forward real estate growth in the capital.

The City Property Association and the Westminster Property Association (WPA) have called for bold measures to tackle the housing crisis without destroying offices.

They want policies to protect certain business districts which are vital for attracting companies wanting to set up and stay in the capital.

The demand follows 4.4 million square feet of offices being replaced by homes in Westminster over the last few years.

The bodies, which count Land Securities, The Crown Estate and British Land among its members, is also urging the Mayor to fight for receipts from Right to Buy to be retained for affordable housing within the capital.

The next London leader should also make the case for UK to remain within the EU, they say.

Daniel Van Gelder, chairman of the WPA, said: “It is vital that the next Mayor not only stops the loss of crucial employment space, but also actively works with the property industry to increase overall supply.”

In 2013 property development in central London contributed £17.7 billion of gross value added to the UK economy, and accounted for 290,300 jobs, research shows.

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November 19, 2015 |
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