House-building in the nation’s capital is at record levels, powered by developments such as the £8 billion Battersea power station project which will see the construction of nearly 4,000 homes as well as shops and offices.
Similarly, New Covent Garden Market is to be redeveloped into over 3,000 homes by St. Modwen and Vinci Construction, including three tower blocks. Both sites form part of the Nine Elms redevelopment.
Property group Savills estimates the number of new homes in London will average 35,000 a year over the next five years, but that will still leave an annual shortfall of 15,000. The mismatch will be greatest for “lower mainstream markets,” it says, with a likely shortfall of 6,500 a year.
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