London’s housing crisis may be far from its worst point. John Mulryan, the Irish chief executive of housebuilder Ballymore, has warned that a sharp fall in new-home completions could make conditions “terrible” across the capital between 2027 and 2029.
The warning matters beyond London. The city has long attracted workers, students and families from Ireland, while a worsening shortage of homes could also influence where international residents choose to live, work and study. This is the latest development in the wider housing debate followed closely in Ireland News and Breaking News Ireland.
London housing crisis could intensify in the coming years
Mulryan said London’s current difficulties do not yet represent the full extent of the problem. According to comments reported in an interview with The Times of London, the immediate concern is a shrinking pipeline of developments that will eventually reduce the number of homes reaching the market.
Private housing starts in London have fallen substantially over the past decade. The available development pipeline also indicates that the British Government’s housing target for the capital could be missed by 92 per cent, according to the source report.
The effects may not be visible immediately because homes already under construction can continue to reach completion. The more serious impact is expected later, when fewer projects are available to replace them.
Why the expected shortage matters
A sustained reduction in housing supply can place pressure on both sale prices and rents, particularly when population growth and employment demand continue. The expected effects include:
- Fewer newly built homes for private buyers and renters
- Greater competition for existing properties
- Upward pressure on rents and purchase prices
- More difficulty for younger workers and new arrivals seeking accommodation
- Potential consequences for businesses struggling to recruit staff
Mulryan identified 2027, 2028 and 2029 as the years when the reduction in completions could become especially clear. His position also reflects a commercial interest in planning and development, so his assessment should be considered alongside official housing data and government policy.
Read More
Follow the latest housing, rental and planning developments through DailyDigest.
What London’s warning means for Ireland
Ireland has its own long-running housing supply challenge, although the direction of construction has recently improved. The source report states that housing completions increased from 12,000 in 2015 to 36,000 in 2025.
That improvement does not remove pressure from the Irish property market. Population growth, high rents, limited availability and regional imbalances continue to shape Ireland Housing. The comparison with London is useful because it highlights how decisions made today can affect supply several years later.
Construction pipelines operate with a significant delay. Planning, financing, land preparation and building can take years, meaning a fall in housing starts may not be fully reflected in completion figures until later. This is a central issue in Irish Property News and Mortgage News Ireland, where supply and affordability remain closely connected.
Could Irish renters and workers be affected?
London remains an important destination for Irish citizens and other international workers. If rents rise sharply and suitable homes become harder to secure, some people may reconsider moving to the capital or may look to other cities and countries.
A weaker London housing market could also affect Irish people already living there. Renters may face higher renewal costs, while prospective buyers could find that reduced supply limits their choices. The consequences would vary by borough, property type and household income.
Housing supply remains a long-term policy challenge
The London discussion reflects a broader problem facing major cities: demand can remain strong even when new construction slows. Rising building costs, interest rates, planning constraints, infrastructure requirements and uncertainty over future demand can all influence whether developers proceed with projects.
Affordable housing is another important part of the debate. A fall in overall completions can affect both privately marketed homes and homes intended to meet social or affordable housing needs. That makes the issue relevant not only to purchasers, but also to councils, tenants and public services.
For readers following Latest News Ireland, the key lesson is that housing outcomes are shaped years before a shortage becomes obvious. Monitoring planning approvals, housing starts and construction pipelines can provide an earlier indication of future availability than completion figures alone.
Explore More
For practical coverage of household finances and affordability, visit NewsDigest.
Frequently asked questions
When could London’s housing crisis worsen?
John Mulryan said the effects of falling construction activity could become particularly severe from 2027 through 2029, when fewer new-build homes may be completed.
Why would a fall in construction push up rents?
If demand remains steady while fewer homes become available, competition can increase. That may place upward pressure on rents and prices, although local market conditions will determine the scale of any change.
Is Ireland facing the same housing problem?
Ireland continues to experience housing pressure, but the source report says completions rose from 12,000 in 2015 to 36,000 in 2025. Construction levels, demand and affordability remain ongoing policy concerns.
Who is John Mulryan?
John Mulryan is the chief executive of Ballymore, a major housebuilder with operations connected to the London property market.
What happens next?
The outlook will depend on whether London can increase housing starts, accelerate planning and maintain viable development projects. Government targets alone will not create homes unless schemes receive approval, financing and infrastructure support.
For households, the most relevant indicators will be new planning permissions, construction starts, completion forecasts, rent movements and changes to affordable housing delivery. These figures should provide a clearer picture of whether the predicted shortage is being addressed or allowed to deepen.
Conclusion
The warning from an Irish housebuilding executive points to a possible second phase of London’s housing crisis: not simply high prices today, but a significant shortage of new homes in the years ahead. With the sharpest pressure forecast for 2027 to 2029, the London housing crisis could have consequences for renters, buyers, employers and Irish people considering the capital. The clearest takeaway is that housing supply must be strengthened well before falling completions become visible to the public.
