The construction industry in London and the South of England has a positive future. Richard Threlfall, Head of Infrastructure, Building and Construction at KPMG UK has noted that for the “first time in many generations the UK has a strong pipeline of construction and infrastructure projects to reinvigorate the economy and drive our future competitiveness”.
Boris Johnson, the Mayor of London, has highlighted 33 key development areas across the city. Coupled with improving transport links such as Crossrail and Thameslink, the London construction market can be expected to grow significantly in the next few years.
The recent announcement of an extension of the Northern Line to Battersea and Nine Elms is a huge project which will bring thousands of new homes and jobs to the Wandsworth area. This will also relieve pressure on the local transport network, which, given there are expected to be a further 24,000 jobs coming to the area, is very welcome news.
The project is anticipated to come in at a cost of £1bn, funded by developments in the area. This extension will give Nine Elms Zone One status and relieve pressure of the local transport network in Wandsworth.
This news comes on the back of the recent announcement that £1.35bn of funding had been secured to continue the the £8bn transformation of Battersea.
This is just one of many projects that both the London and UK economy stand to benefit from in the coming years. It is those in the 33 development areas who will gain the most from regeneration of their areas to levels seen in the Olympic Park in Stratford, where the legacy program has seen nearly 3,000 new homes created, as well as a new school, 27 acres of parkland and many shops, cafés, bars and restaurants to follow in 2015.