Foreign investment on the rise
Overseas investment into UK real estate will rise to 40% from the current 22% over the next decade, according to delegates polled at a session on the long-term impact of foreign capital on the UK market. British Land boss Chris Grigg said that there was “no reason” this figure could not hit 50%.
London needs 1m more homes
London and the South East need to add another one million homes to the development pipeline by 2036 due to population growth, according to new research from AECOM. There are currently only 1.5m homes planned. The findings are based on housing shortfall data from 127 local authorities in the area.
PRS ‘could be third of all tenure’
The private rented sector could account for 30% of all housing tenure in the UK in the future, said Legal & General’s Bill Hughes. L&G is already £15bn invested in real estate, and expects to commit a further £10-15bn in future – “with a bias towards social infrastructure, of which resi is a major part”, Hughes said.
Ashford extension approved
A consortium including Barratt, Ward Homes, Jarvis, Pentland and Hodson Developments has been given outline consent to build 5,700 new homes in Ashford, Kent. The homes at the Chilmington Green development, to the southwest of Ashford town centre, will be built over the next 15-20 years.
Croydon hit hard by conversions
Croydon has lost two third of office stock to residential conversion as a result of the government’s permitted development rights, the London borough claims. Out of the 1.8m sq ft of office space available last year, 1.2m sq ft is to become housing, with more on the way. Croydon has seen more office-to-resi conversions than any London borough, according to EG research.
