London tipped to see prime housing construction work growth

05/07/2011 16:00:00

The volume of luxury housing being built in London will rise substantially over the next decade, a new report has forecast, potentially fuelling growth in construction jobs too.

Built asset consultancy EC Harris has predicted that construction work is already underway or will take place on new prime residential developments of around 9,000 units, worth approximately £21 billion in total, in central London by 2020.

Furthermore, its research also indicated that up to £8 billion of new development in this sector - equivalent to more than 4,000 units - could come to the market in 2014-15 alone, with trended sales value growth expected to rise to between 6-to-8% per year after 2012.

EC Harris head of private residential business Mike Farmer asserted that London would "continue to offer opportunity for appropriately organised and experienced developers and those new entrants who seek the right specialist advice and adopt a considered approach".

A recent survey by Drivers Jonas Deloitte also revealed that construction work was currently underway on 6.4 million square feet of office space in London, up by 137% on levels six months previously, which could also stimulate construction recruitment in the capital.

Construction jobs in London

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