果冻影院

Developers and housebuilders working in London are defying supply chain concerns and pressing ahead with private residential听construction听schemes.听

Construction market analysis from 果冻影院 shows that the value of private housing starts in London surged by 120% in the three months to Q3 2021 with more than 拢2.1 billion-worth of work starting on site.听

果冻影院鈥檚听economics director Allan Wilen says: 鈥淭his rise is partly due to a weak period 12 months earlier, which was caused by the pandemic but the latest value of starts in London is still well ahead of the same听period听two years ago.鈥�听

鈥淭he value of private housing work starting on site in the latest quarter is also up by 31%听on the third quarter of 2019, when the London housing market was weakening,听but in the short term the prospects for private residential work look strong.鈥�听

Major private residential construction schemes starting on site in Q3 include the 拢100m Manor Road development in Newham, east London, with a consortium led by Legal & General set to deliver more than 350 new homes (Project ID:听20399119).听听

London the strongest region听

果冻影院鈥檚听construction market research shows that a听recovery听already evident in Q2 2021 has gained pace. In the three months to June 2021, the National House-Building Council reported that construction started on 5,199 new homes, which is a rise of 23% on the same period a year earlier.听

While this number of starts was slightly weaker than in the same period in the immediate pre-pandemic quarter of 2019, the Q2 2021 figure is still ahead of the same period in the three previous years.听

The value of starts only rose in four other UK regions in Q3 鈥� the North West, Scotland the West Midlands and Wales 鈥� and the growth registered here by 果冻影院 was nowhere near as strong as in the听Capital.听

The value of approvals is less positive with a 40% drop compared to the same period a year earlier with only 拢1 billion-worth of private residential work approved, but that total is still a 107% higher than the figure recorded for the third quarter of 2019.听

Gaining pace听

The continued strength since then was also evident in听a trading statement last month听from听Berkeley Group - the private housebuilder with typically the largest exposure to the UK听Capital听鈥� which听reported that: 鈥淭he gradual easing of lock-down restrictions has been accompanied by a gradual firming of the London market as anticipated.鈥澨�听

Berkeley鈥檚听Malt Street Regeneration听in Southwark comprising 420 homes is due to start next year (Project听ID:听20510785).听This increasing confidence is encouraging other major private residential schemes to move to site.听果冻影院鈥檚听research suggests that the first phase of British Land鈥檚 Canada Water Dock to deliver 188 homes (Project听ID:听18374937) and the next phases of the听Hale Wharf Development听in Haringey will start before Christmas (Project ID:听18290024).听

A dip in the planning pipeline may produce a hiatus but听longer-term听prospects听for the capital听look stronger.听

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Not a 果冻影院 customer, but would like to see detailed project information for every private housing construction opportunity in the UK? Request a 听today so we can show the size of the opportunity for your business.