Bailey told the Local Democracy Reporting Service (LDRS), external: “This is not just a housing crisis anymore, it is a crisis of stability, opportunity and dignity.”
“I warned years ago that the mayor’s approach would lead to a collapse in housebuilding. Sadly, that is exactly what has happened.”
Some 18,326 homes are expected to be completed in London by the end of this year, amounting to around half of the homes currently under construction.
A further 14,053 homes are not expected to be completed until 2027 or later, which represents just 8% of the government’s 176,000-home, two-year target for London.
This is a shortfall of 92%.
Construction work has also been halted on 5,009 homes across 51 development sites in the capital.
Molior suggests this may be due to building contractors “going bust” because of high construction costs or putting the work on hold deliberately due to a weak sales market.
The firm added just 8,436 new homes were sold in London during 2025, which it described as “directly contributing to fewer construction starts”.
To meet government targets, at least 22,000 homes would need to be sold each quarter.