Camden’s St Pancras ward identified as a hotspot for future house building
- Credit: Archant
A ward in Camden has been identified as one of ten potential hotspots for future development to serve London’s increasing population.
Research by estate agent Stirling Ackroyd finds that St. Pancras and Somers Town ward could support an additional 1,741 possible new homes per kilometre square ranking it the ninth highest in London.
Based on this figure, the total number of potential new homes in the ward is 2,440 out of 567,500 homes across Greater London as a whole.
Chaucer ward in Southwark tops the table with a possible new homes estimate of 2,865 per square metre.
St Pancras and Somers Town and Bunhill in Islington are the only two wards in north London and the chart is dominated by hotspots in the east or south of the city, with eight of the top 20 wards located in the borough of Tower Hamlets.
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Andrew Bridges, managing director of Stirling Ackroyd, said: “London’s heart and soul is gradually shifting eastwards – not as any other location declines but as the entire city grows in the direction of maximum opportunity.
“The City fringes are generating jobs, and these areas have grown ripe with opportunity for London’s new homes industry.”
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The report suggests that there is potential for more than half a million new homes to be developed across London over the next 10 years, adding £2 billion to the total of London property value.
It states that this will be adequate to meet the needs of a population expected to hit 9 million before 2020 and would involve developing only 1.3 pc of the capital’s land.
However, other estimates have put the number of new homes needed at closer to 800,000 by 2021, which Stirling Ackroyd admits would be necessary if the size of households shrinks further than expected to 2.1 people per household.
The report also raises questions about the density of building needed to fit half a million homes in the pinpointed sites.
Mr Bridges said: “Our model assumes that new developments are in tune with their surroundings – at a similar site density to other homes in the local area. This realistic approach means all the areas identified are likely to see real progress.
“However, some increase in density will be necessary to fit extra homes into the same city boundaries.”