The recent positive trend at the beginning of 2018 for residential contract awards continued in March 2018 with a value of £2.4 billion based on a three month rolling average. This is 15.7% ahead of February 2018 but 0.5% lower than March 2017.
Private housing dominated residential contract awards in March 2018 with 79% share, an increase of 6% on March 2017. This dominant position for private housing means that the remaining sectors accounted for much smaller individual share of contract awards.
- Private Housing 79%
- Hostels/Halls of Res./Barracks 7%
- Elderly Persons/ Childrens Homes 5%
- Housing Association 4%
- Local Authority 2%
- Sheltered Housing 2%
Projects by region
London ad the largest share of residential contract awards in March 2018 at 21.0%, an increase of 9.5% compared with March 2017. The highest value residential contract award in London was the £100 million project at Hale Wharf in Tottenham. The project will deliver 505 residential units as well as retail and business units over five storeys and is due for completion in Quarter 3 2023. Another key residential contract award in London was the Enderby Wharf development in Greenwich. Valued at £35.7 million, the project will deliver 477 flats in three blocks together with associated parking and landscaping works.
The next largest region was the South East with 19.8% of residential contract awards, an increase of 1.3% on March 2017. The largest residential contract award in the South East region in March 2018 was the £70 million Cumberland Place project in Southampton to provide 527 student bedrooms and associated shops, offices and restaurants. Other key residential contracts awarded in the South East include the £19.5 million Coldharbour Road in Northfleet.
The North West accounted for 19.4% of residential contract awards values in March 2018, an increase on 7.2% on March 2017. The leading residential contract for the North West region was the Preston Road development at Longridge. This £159.7 million project will involve the building of 256 residential units which will include flats, houses and bungalows as well as a neighbourhood centre and retail units. With a project timeline of 60 months, works are due to commence in July 2018.
- North West – Longridge – 256 houses, neighbourhood centre and retail unit
Value £159.7m – Kier Living
- London, Hale Wharf, Tottenham Hale – mixed development
Value £100m – McLaren Construction Limited
- South East – Cumberland Place – student accommodation
Value £70m – Midas Construction Limited
- London Hounslow House – 279 flats/14 houses/commercial
Value £68m – Bennett Construction Limited
- London Taberner House & Queens Gardens redevelopment
Value £40.9m – Henry Construction Projects Limited
- London Half Acre – 105 flats and arts centre
Value £40m – London Green Limited
- South West Wapping Wharf Development Phase 2 Blocks D, E, F & G
Value £40m Balfour Beatty Construction Services UK
- North West The Greengate Embankment West – 503 flats & retail unit
Value £38.5m – Select Property Group
- London Enderby Wharf, Block A, Y & Z – 477 flats
Value £35.8m – Barratt East London Limited
- London Alma Estate Regeneration – Phase 2, 2AI & 2AII
Value £35m – Countryside Properties (UK) Limited
Analysis by quarter indicates that in the three month period ending March 2018, residential contract awards were £6.4 billion representing 31.1% increase on the previous three month period, however, comparisons with the same quarter in 2017 show decrease of 16.9% in contract awards values.
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