Monday 9th May 2016
House building in London is continuing at a fantastic rate as developers strive to provide new homes to satisfy rising demand. Over the last 18 months the number of properties under construction in inner boroughs in the capital has increased by in excess of 40%. In just 30 postcodes in central areas there are approximately 19,000 homes being built according to research by Property Vision and Dataloft.
Of the 30 different areas SW8 has the largest volume of new properties in the pipeline with over 12,800 homes planned. Of this number more than 4,000 are already under construction. The rest are due to follow in the near future, although there is still room for design changes to meet adjustments in the market.
Currently, Nine Elms is the largest building site in the whole of London. It is helping to completely transform SW8 and the land on the South Bank of the Thames. Arcadis believe that approximately £14.2 billion will be invested on that side of the river to create new homes.
With so much work going on and money being invested, it is interesting to see how plans for homes can change in response to the market. In Battersea new plans have been released that will increase the number of smaller flats that are constructed. Originally the idea was to create a hotel with serviced apartments. This will now be replaced with 400 homes to meet demand for smaller properties.
With so much development underway in the area it is more important than ever for buyers to ensure they have the right information before they make a purchase. This will help them to determine their search criteria and decide what type of property to look for and location to target.
At Tate Residential we offer services as estate agents across SW8. We are based locally, just a short distance from the new developments at Battersea Power Station and Nine Elms. Our knowledge of the area is extensive and allows us to offer honest, professional advice to every client. We are passionate about the ongoing developments in the area and work hard to promote it to buyers.