London skyline to change forever with 250 new towers

With the recovery in the property market comes news that there are between 200 and 250 new towers to be built in London. Some are in the early stages of planning and some sites have been identified for development. It wasn’t so long ago that building large scale developments had come to a grinding halt but this now seems like a distant memory. This will provide a massive boost for the construction industry and will also boost many other businesses in the city of London.

Most of the new towers will be built in Central and East London where 77% of the 236 planned sites will be built. These findings were revealed at a property show which was hosted by London Architecture. All of these large towers are in excess of 20 storeys. The findings also revealed that 33 of the buildings will be between 40 – 50 storeys and a further 22 towers will be 50 storeys or more.

This certainly does show that there is a big appetite for these types of sites as developers look to take advantage of the booming London property market. The overwhelming majority of these sites will be residential with 80% earmarked for residential use. It is estimated that 189 new towers will be used for residential use leaving 8% for primary office use and 3% for hotels use.

Out of all of the towers looked at in the survey that was carried out just under 50% have already been granted planning permission. The Mayor of London has said that most of the money required for these major schemes was being provided by international investors because London is seen as a global city with global connections.

The London property market is also seen as a safe place to invest even with the inevitable setbacks that the property market will have from time to time. When taking a long term view on London house prices most investors know that their investment will provide a healthy return particularly as the population is going to increase further and there is nowhere near enough property for sale. Developers know this and will look to cash in on the booming market.