A city that’s home to 8 million people is always going to be continually developing. The UK capital’s property prices have had many ramifications, no less for people struggling to afford to buy a home. Yet one of the factors has been the rate of growth and expansion of the capital as new corners open up to accommodate both its growing population and to build new towns and villages that are affordable and great places to live.
London is in demand. More companies are looking to set up their headquarters in the UK capital. Facebook, Goodwin Proctor and BYD are the firms just this week who have announced their intention to move to London or expand existing premises.
This popularity has consequences for the capital itself. More business means more workers. More workers means more people looking for a place to live. And housing, as the election manifestoes have proved, is a hot topic. London house prices alone have increased by 50% since the last election five years ago and now stand at £286,133. An election often signals a period of uncertainty in the housing market as fewer people put their property up for sale as they await for potential change of government. This lack of new stock drives prices up further.
Being unable to afford a house in central London is frustrating, but it’s a problem that governments can tackle by harnessing London’s innate ability to adapt. This week the regeneration of a stretch of Thames riverside was charted as pictures revealed the plans by Barratt London for the SW6 postcode. 450 new homes are being built by Fulham and the developer has new open spaces, landscaped piazzas and gardens along with river walks to create a new village surrounding the homes.
The homes along the riverside aren’t cheap; apartment prices start at £250,000 in many of the developments and penthouses can reach almost a million. Yet the developments show the ability of London to grow and expand to accommodate its soaring population. The development will stretch London and open new avenues for housing along its route. As London gets bigger so too new restaurants, bars, shops and leisure facilities are developed bringing even more jobs to the capital. New homes in new locations release the stranglehold in central locations and could have the effect of making London housing more cost effective. It is, after all, a question largely of supply and demand.
The ability of London to grow is one of the factors that has led to it becoming an international city. It’s at the heart of its ambition that London is a city that never sits still. What becomes vital is to ensure these new areas and “villages” are part of the capital’s infrastructure; they are easy to get to, to stay in and that the service industry can follow. Part of the strategy at Clarendon serviced apartments has been to establish developments in areas where there is growing demand; as London’s economy has evolved with growth in Tech City for example, Holborn and Shoreditch, Clarendon has responded by developing serviced apartments to cater for those looking to live and work in these new emerging communities. This pattern will need to continue as the capital grows further.
Over 26 years, Clarendon has seen London grow. It has expanded, seen its international reputation soar along with its population figures. To be able to accommodate that population, London needs to continue its expansion. Those new and emerging corners need to continue the ethos of the capital of ensuring resources, a great place to stay and do business are always on the doorstep.