Ambition and vision: The London Landscape
Jennet Siebrits, Head of Residential Research, discusses the innovative and ambitious regeneration projects that are changing the London landscape.
One of the world’s most vibrant cities, London has attracted millions of people across the globe to both live and work. With its first-class education, globally leading financial sector and rapidly growing technology industry, it’s easy to see why so many are drawn to this ever-evolving city.
8.9 million people to be more specific have chosen to live in London, and the number is rising, with predicted population growth of 12% over the next decade. This ever-rising population has led to house builders and developers working to keep pace with the increasing demand for housing and effective placemaking.
Every London borough showcases innovative examples of regeneration and evolution.
From Barking and Dagenham’s Be First regeneration company aiming to build over 50,000 new homes, to the Kingston Futures Initiative which is set to deliver new homes along with a shopping centre, cinema and restaurants, new placemaking schemes are being created in all four corners of the capital to offer residents new communities within London.
This major investment into regeneration and development is having a positive impact on long term house price growth with a 44% rise over the last five years and another 13% growth forecast by 2023 across the London. Some boroughs however will be growing at a faster rate, with Hackney, Camden, Tower Hamlets, Barking and Dagenham and Haringey leading the charge.
The huge ambition and vision demonstrated through the projects underway in London highlight the significant recovery and improvement that has been made following two years of political uncertainty in the UK.
Looking further than unit construction to the wider London landscape, ambitious infrastructure projects have also had a positive impact on the housing market. For example, on average over the past 10 years since the initial Crossrail announcements, annual house prices growth around Crossrail stations has been 3.8% higher than the London average.
This mass regeneration, covering all aspects of London, from housing and communities to transport and infrastructure, is helping to encourage more and more people to move not only into central London, but to previously unloved areas of the capital. And although councils are responding to this ever-increasing population, there is still more that can be done if the target for building enough new homes to accommodate London’s growing population can be met.