.gif)
Drivers Jonas Deloitte’s latest London Residential Crane Survey reports that development activity across Greater London has continued to increase but new starts are down and therefore overall activity is likely to slow.
East London boroughs are showing the highest levels of residential construction, the survey says, suggesting the Olympic Games as a possible catalyst there.
Drivers Jonas Deloitte head of research Anthony Duggan said: “The survey paints a fairly positive picture of the residential development landscape in Greater London – nowhere more so than in the East. There is clear evidence of a significant rise in overall construction levels at a time when economic conditions could have led to developers holding back. Our latest survey records over 11,000 units under construction in the East of London alone.
“However, 2011 has seen the lowest levels of completions in this cycle, with fewer than 8,000 new homes completed in the last year. While the current development pipeline is looking considerably stronger for 2012, we would caution that some schemes due to complete this year are, in practice, likely to complete in 2013 or beyond.”
The North and East of London saw the highest number of homes completed (950 and 1,050 respectively). The mix of completions is largely unchanged since the previous survey, with one and two bedroom flats dominating, and houses accounting for just 5%.
Got a story? Email news@theconstructionindex.co.uk
