London's property boom

The Capital continues to defy the UK housing downturn, with foreign buyers fuelling a £38bn property development boom.

by Elizabeth Anderson
Last Updated: 09 Oct 2013
Across the UK the property market is stagnating, with house prices falling and mortgages hard to come by. But it's a different story in London.

More than 15,000 units worth £38bn are earmarked for development over the next ten years, fuelled by overseas buyers seeking a safe investment as the eurozone crisis deepens. One in four of those properties will be in the upmarket Chelsea & Fulham areas, building consultancy EC Harris says.

And business over the last year has been brisk, with developments jumping 70%. Some 125 projects are currently at various stages of site acquisition, planning and construction according to the report by EC Harris. Equating to a total floor area of nearly 20 million square feet, it's equivalent to the size of the Olympic Park in Stratford, East London.

Find this article useful?

Get more great articles like this in your inbox every lunchtime