Half of London’s new build pipeline now in East and South East of the city

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Half of London’s new build pipeline now in East and South East of the city

More than half, some 53% of the housing units in London’s new build pipeline are to be found in East and South East of the city, new research shows.

There are now 86,196 new build units in the pipeline in East London, a third of London’s overall total and 7% more than the same period last year, according to the study from Kinleigh Folkard & Hayward (KFH).

East London leads the way in new build pipeline with 42% or 25,573 more units in the pipeline than the South East. However, the South East accounts for 22% of the total pipeline of 60,623 units, meaning the eastern side of the city is the home to more than half of the new build units in development.

The number of units completed in Greater London in the year to the first quarter of 2018 was almost a third higher than the previous 12 months. In South East London, 7,770 new homes were added to stock, up by 15% on the previous year, although the greatest percentage increase was in Central London, where 2,070 new home completions represented an increase of over 200%.

‘East London’s loss, sustained over decades after the closure of the docks, has, finally, proved to be Greater London’s gain. While opportunities to develop at scale in other parts of London have been scant, East London has provided vast tracts of under-utilised land,’ said John East, director at KFH Land and New Homes.

Investment in new transport infrastructure, the maturing of Canary Wharf and the success of the 2012 Olympics, cemented a new future for East London. The next challenge is to weave small-scale urban fabric between the large projects and to build communities,’ he added.

Source: www.propertywire.com