2016 saw more skyscrapers than ever before springing up across the capital, and with over 400 more in the pipeline it’s easy to see that tall buildings in the London property market are here to stay.
The latest London Tall Buildings Survey has revealed that no less than 26 towers of 20 storeys or more opened their doors last year and of these, all but two were residential blocks. This is a clear indicator to London developers that the sky is the limit in more ways than one.
The positive impact of skyscrapers on the London property market
Those who equate tall buildings with the tower blocks of the 1960s may be wondering what the attraction of high rise structures could possibly be. However Sadeq Rahman from Henry Wiltshire estate agent in Bow points out that there are plenty of advantages to investing in these impressive buildings.
“London is facing an unprecedented housing crisis,” he says “however, the skyscrapers which are currently under construction are set to provide around 100,000 much needed homes for the capital’s population. With land in increasingly short supply, it makes economic sense for property developers to buy a smaller plot and then to construct a taller building to address those housing needs”.
These benefits are not solely practical either, as these spectacular structures also offer their residents fantastic facilities paired with a stunning living environment. Developments such as the Manhattan Plaza in Tower Hamlets, for example, offer potential residents an impressive quality of life. These luxurious apartments offer all the advantages of private parking, underfloor heating, rooftop gardens and a gymnasium, as well as an outstanding panoramic view. With higher structures enjoying better natural light and boasting an airier feel, they offer the families who live in them considerable advantages over living in crowded ground-level housing.
London’s Iconic Skyline
One of the key features of London’s skyline is its eclectic mix of architectural styles, and while some would say that investing in hundreds of skyscrapers is hardly the way to preserve its traditional beauty, commercial property developers would say that, in fact, it is key to the capital’s ability to hold its own in an increasingly competitive world.
Moving with the times means adopting new concepts and embracing the pace of change. Many of the world’s most iconic structures are skyscrapers, and you only need to look at Dubai’s Burj Khalifa and New York’s Rockefeller Center to see examples of tall buildings that are known and admired around the world.
London itself is home to some of the most prestigious towers, with the 95 storey Shard having proved a hit with tourists, and St Mary Axe, more affectionately referred to as “The Gherkin,” is arguably one of the capital’s most recognisable buildings.
While London has a long way to go before it hits the heights of Hong Kong (literally), which boasts more than 300 buildings over 150 metres, it is clear that investment in tall structures is the way forward to keep the city a vibrant, accommodating and modern place to live and work.
Buy, Sell and Rent Property in Bow
Sadeq and the team are experts in the Bow property market. To buy, sell or rent property in East London, contact the Henry Wiltshire Bow team on 020 3696 9610.