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Residential Research

London Residential New Build Market Report May 2024

30/05/2024

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Rent Controls

Read our Full Report

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In this report, we explore the trends in London's residential new-build market. With a particular focus on 4 categories giving a clear overview of the activity taking place within the market.

What to Expect

Development Activity

London's pipeline continues to shrink but land market is recovering.

Planning applications, permissions and construction starts all continued to fall year-on-year in Q1 2024. Download our full report for percentages.

Future Housing Delivery

The headline is that housing completion remains low.

The rolling annual total of completions fell to 15,000 homes in the year to Q1 2024, down 20% from Q1 2023, according to Molior. Read the full report for our forecast on completions up to 2026.

Prime Central London

There was a record number of applications submitted in Prime Central London in the year to Q1 2024. However, this was dominated by one scheme and the broader picture still points to falling supply in London's prime market.

Drivers of Sales

There has been an uptick in both the proportion and number of domestic buyers in London's new build market in Q1 2024. According to Molio UK-based buyers made up the highest ever proportion of sales in an individual quarter in Q1 2024.

Residential Research

View our range of research, from outlook reports to market focused insights.

Contacts

Jen Siebrits

Head of UK Research

Phone +44 2071822066

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Scott Cabot

Head of Residential Research

Phone +44 2071822362

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Michael McGill

Associate Director

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Julien Mills

Head of New Homes

Phone +44 2071822679

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Sharief Ibrahim

Head of Residential Agency

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Adam Cradick

Executive Director, Residential Land

Phone +44 2071822016

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