The bustling London skyline looks set to expand and become even busier in the next few years, with plans in place for more than 250 new towers, according to new reports. New London Architecture (NLA) is reported in the Guardian as being behind the prediction, with plans for at least 236 towers already in the works, and even more to come in the years ahead.
It is thought that the majority of the buildings will be used to tackle problems in the housing sector. More than 200 of the new towers in the capital will be flats for residential purposes. It could be a good sign for the London market, especially with the supply and demand imbalance that has pushed prices ever higher in recent times. Mayor Boris Johnson also called for more homes to be made available in the city for people who are living and working in the city, asking for priority to be put on Londoners being able to live near their place of employment.
However, while the focus for 80 per cent of the new towers will be on residential homes - 80 per cent of properties are going to be in this sector - the business market will also see waves of new structures rising in the next few years. The NLA said that at least 18 new office towers have been earmarked for construction. With business sentiment improving all the time on the strength of the growing economy, which is expected to rise by 2.8 per cent this year, new office space can help to meet demand and keep business rates at an affordable level that will help to boost investment and encourage more companies to bring their operation to the city.
Savills Total Commercial Development Activity Index also said that the levels of construction currently taking place in London are now at decade long highs. It said that building was up by two per cent in February, which took it to its highest level at any time since 2003.
More on develpoments in Central London: Stratford TIQ: Investment in the Future
- Thursday 20 March 2014