A ￡38bn development boom in London’s most expensive neighbourhoods has been spurred by rampant demand from European and Asian buyers seeking safe investments away from turbulent eurozone economies.
The pipeline of upmarket housing projects in planning or under construction in the UK capital has increased by more than two-thirds during the past year, with 15,500 homes scheduled for delivery by 2021, even as the industry in other parts of the country remains stagnant.
If completed, London homes in development would cover a surface area equivalent to the 2.5 sq km Olympic Park in Stratford, according to EC Harris, the building consultancy, and would have a market value of ￡38bn.
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