This is a classic story of what we at London Residential Research have come across over the past couple of years and a predominant theme running through the latest ‘Red Book’, soon to be published.
A press release from Argent on their huge King’s Cross scheme describes how construction has recently started on the first residential building providing 117 homes out of the 1,900 total. However instead of being for the private market, they’re starting on the affordable homes first in a similar way to Bellway and their Space1 development in Whitechapel. The first plot to kick off at King’s Cross known as R4 will include 15 supported housing apartments, 78 general needs rented apartments and 24 shared ownership apartment and come with the help of a £42m funding package from the HCA.
It just goes to show in the current climate, developers are still finding it nye on impossible to sell flats off-plan, even a train station with direct access to Europe on the front door hasn’t persuaded even investors so what hope have other developers got.