London is quite sparsely populated compared with most capital cities, so there is tremendous potential to increase housing supply. In our view, the government should be concentrating on reducing red tape and promoting housebuilding. 

The vast majority of land in London is in profitable use, so placing layers of charges on development merely reduces the development value of land and often renders its existing use a better bet. This is particularly the case when stamp duty is factored in, not to mention the considerable costs and risks involved in trying to navigate the planning system.‎