The number of tall buildings completed in London fell by nearly a third last year amid Brexit uncertainty, according to the latest London Tall Buildings Survey
The survey, by New London Architecture (NLA) and property consultant GL Hearn, said that 18 towers were completed during 2017, compared with 26 the previous year.
The number of planning permissions for new high rises in the capital has also been hit – down by 10 per cent year-on-year.
‘This year the NLA’s annual tally of tall buildings shows signs of a slowdown,’ says the report. ‘This is to be expected. The uncertainties created by Brexit are causing projects to be postponed while higher stamp duty introduced by George Osborne in December 2014 continues to impact on the market.’
However, despite the slowdown, the research showed that there were still 510 towers (buildings of more than 20 storeys) in the pipeline and 115 under construction, compared to 455 and 91 respectively in 2016.
More than 90 per cent (458) of these tall buildings are residential, with the potential to deliver a total of 106,000 new homes.
According to the survey, the burgeoning build-to-rent sector made up 30 per cent of the proposed schemes in 2017, compared to none of the 2013 total.
Almost a third of the entire pipeline is in outer London – travel zones 3, 4 and 5 – with concentrations in Opportunity Areas and around transport connections, the survey found.
NLA chair Peter Murray said: ‘We continue to see a steady increase in the number of tall buildings coming forward, and with London’s population continuing to increase and the demand for new homes only getting higher, our view remains that well-designed tall buildings, in the right place, are part of the solution.
‘Uncertainties and challenges to deliver these tall buildings remain, which is perhaps why we are seeing a slight slowdown in the number of applications, construction starts and completions.
‘However our reports over the past five years show us that, in the right places, towers allow us to use the finite resource of land very efficiently.’