More than 500 new towers are currently in the pipeline to join the likes of the Shard and the Gherkin along London’s skyline, according to a report Wednesday from New London Architecture.
Despite the well documented real estate slowdown in the capital, London currently has 510 tall towers—defined as over 20 stories—either proposed, in planning or under construction, up from 455 in 2016, according to the report from the architecture and planning experts in collaboration with real estate consultant GL Hearn.
Of the 510 buildings planned, over 90% are residential with the potential to deliver 106,000 new homes, according to the report. But there has been a 25% fall in the number of tall buildings breaking ground with work only starting on 40 in 2017.
“Uncertainties and challenges to deliver these tall buildings remain, which is perhaps why we are seeing a slight slowdown in the in the number of applications, construction starts and completions,” said Peter Murray, chairman of New London Architecture, in the report. “However our reports over the past five years show us in the right places, towers allow us to use the finite resource of land very efficiently.”
East London is a hotspot for developments, with 252 tall building planned for the area, followed by Central London with 99 buildings planned.
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Greenwich and Tower Hamlets are the boroughs with the highest number of tall buildings in the pipeline, 70 and 85 respectively, according to the report. In Southwark there has been a noticeable increase in activity, with 48 tall buildings planned, up 30% from 37 in 2016.
Meanwhile, seven boroughs have no tall buildings in the pipeline: Bexley, Enfield, Havering, Hillingdon, Kensington & Chelsea, Merton and Richmond.
Going forward, the Elizabeth Line—a new railway line set to launch at the end of this year—will usher in new development along its route, especially in outer boroughs such as Ealing, Redbridge and Newham, the report said.
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