Two property giants on Wednesday shrugged off the post-Brexit gloom surrounding London’s residential market, and revealed plans to build around 500 homes in the capital. Telford Homes said it has agreed to buy the former London Electricity Board HQ development site near Bethnal Green tube station, for £30.2 million from Tower Hamlets council. It hopes to build up to 200 homes there, subject to planning consent. Telford’s boss Jon Di-Stefano said the builder wants to develop “where there is a fundamental lack of supply of new homes compared to significant demand”. Over in west London, the Standard has learnt that FTSE 250 builder Redrow has bought a site in Merrick Road, Southall, from a private investor. Consent is in place for 302 luxury flats. It is the latest in a series of large London projects for the firm which is also transforming a former Met Police academy into a luxury homes scheme called Colindale Gardens in north-west London. Redrow’s chief executive John Tutte said: “It has been business as usual post-Brexit vote. We have continued to see robust demand from our customers and the chronic shortage of homes leaves market fundamentals unchanged.” The investments come despite Brexit uncertainty weighing on house prices and causing some consumers to delay homebuying decisions.
Redrow Homes has bought a site in Merrick Road, Southall, in west London to build 302 luxury flats. This is in addition to its luxury home scheme, called Colindale Gardens, in north-west London. The investment in the capital comes despite concern that Brexit will damp demand for property in the UK. “We have continued to see robust demand from our customers and the chronic shortage of homes leaves market fundamentals unchanged,” said Redrow CEO John Tutte.