Developers will push the button on nearly 5,000 fallow units in high end London residential schemes this year.
According to EGi London Residential Research figures, towers from the Isle of Dogs in the east to Nine Elms will start construction this year as sales to international cash rich buyers continue to rocket. The starts represent over 70% of the entire number of starts in the inner boroughs at the end of 2012 with many schemes lying dormant for years.
Developers such as Hutchinson Whampoa and Circadian’s Lots Road Power station, which has stalled since it won consent in 2003, are now pushing ahead. Groundworks recently started on the scheme which includes 441 private units. The developer negotiated an amendment to its planning permission last year, which lowered the affordable housing requirement from 213 to 110 units.
Head of London Residential Research Nigel Evans said: “The question we’ve got to ask is why now? Why after years of inactivity have a number of developers pushed the “Go” button all of a sudden?
It’s a clear indication that some degree of confidence is returning to the market or perhaps more accurately one sector of the market : prime”.
Click on the interactive map for prime residential sites in London or click this link for a full screen view. Powered by EGi’s London Residential Research
