Forest of luxury flats rises on London’s skyline
March 25, 2015 - London
The number of towers being built in London has increased more than 50 per cent in the past year, fuelling fears that a forest of luxury housing developments rising on the capital’s skyline threatens its architectural heritage.
Developers are rushing to raise tall buildings: the number of towers under construction has risen 56% in the past year to 70, according to a study by think-tank New London Architecture and property consultancy GL Hearn.
Nearly 15,000 high-rise homes are being built.
The researchers looked at all planned towers with over 20 storeys, including those under construction, and found the total had increased by 11% — from last year’s record high — to 263.
Four out of five are for residential use, the study found.
Peter Rees, the City of London’s planning officer for nearly 30 years and now a professor at University College London, said many of the flats in these buildings would be used by foreign investors as “safe-deposit boxes”.
Such developments were “an over-commoditisation of housing and result in the creation of ghost communities”, he said.
Figures published earlier this year showed that 14 years’ supply of luxury housing is being constructed in the capital, despite falling demand.
Read the rest of the story @ FT.com
blog, architecture, luxury flats