Developers join forces for London housing

Ballymore and Penta Real Estate are moving ahead with building 681 new homes in London, despite a wider slowdown in the capital’s residential development. The joint venture will deliver flats across Canary Wharf and Nine Elms, with construction already under way and first residents expected in 2028. Ballymore, led by managing director John Mulryan, says accelerating projects is vital amid constrained supply. For Penta, known for nearly 50 central European schemes, this marks its UK market debut with ambitions to expand across housing, offices and hotels. The Times says their commitment contrasts with other developers pausing schemes due to planning barriers and rising costs, with only 2,158 homes starting construction in London in early 2025. Both firms say London’s long-term demand still makes it a strong investment opportunity. 

The Times (10/12/2025)